#1RON Rocket Lab USA SPACE IS OPEN FOR BUSINESS INVESTOR PRESENTATION March 2021 rocketlabusa.com -ROCKET LABD#2DISCLAIMER AND FORWARD LOOKING STATEMENTS This presentation (this "Presentation") was prepared for informational purposes only to assist interested parties in making their own evaluation of the proposed transaction (the "Transaction") between Vector Acquisition Corporation Inc. ("Vector", "we", or "our") and Rocket Lab USA, Inc. ("Rocket Lab"). This Presentation is for discussion purposes only and does not constitute an offer to purchase nor a solicitation of an offer to sell shares of Vector, Rocket Lab or any successor entity of the Transaction, 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. This Presentation is not intended to form the basis of any investment decision by the recipient and does not constitute investment, tax or legal advice. No representation, express or implied, is or will be given by Vector, Rocket Lab or their respective affiliates and advisors as to the accuracy or completeness of the information contained herein, or any other written or oral information made available in the course of an evaluation of the Transaction. This Presentation provided by Vector and Rocket Lab may contain certain "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding Vector's, Rocket Lab's on their management teams' expectations, hopes, beliefs, intentions or strategies regarding the future. The words "anticipate", "believe", "continue", "could", "estimate", "expect", "intends", "may", "might", "plan", "possible", "potential", "predict", "project", "should", "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are 2 Rocket Lab USA based on Vector's and Rocket Lab's current expectations and beliefs concerning future developments and their potential effects on Vector, Rocket Lab or any successor entity of the Transaction. Many factors could cause actual future events to differ materially from the forward-looking statements in this presentation, including but not limited to: (i) the risk that the Transaction may not be completed in a timely manner or at all, which may adversely affect the price of Vector's securities, (ii) the failure to satisfy the conditions to the consummation of the Transaction, including the adoption of the Agreement and Plan of Merger by the shareholders of Vector, (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the Agreement and Plan of Merger, (iv) the effect of the announcement or pendency of the Transaction on Rocket Lab's business relationships, operating results and business generally, (v) risks that the Transaction disrupts current plans and operations of Rocket Lab, (vi) changes in the competitive and highly regulated industries in which Rocket Lab plans to operate, variations in operating performance across competitors, changes in laws and regulations affecting Rocket Lab's business and changes in the combined capital structure, (vii) the ability to implement business plans, forecasts and other expectations after the completion of the Transaction, and identify and realize additional opportunities, and (viii) the risk of downturns in the commercial launch services, satellite and spacecraft industry. There can be no assurance that the future developments affecting Vector, Rocket Lab or any successor entity of the Transaction will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Vector's or Rocket Lab's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Except as required by law, Vector and Rocket Lab are not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and Vector's or Rocket Lab's use thereof does not imply an affiliation with, or endorsement by the owners of such trademarks, copyrights, logos and other intellectual property. Solely for convenience, trademarks and trade names referred to in this Presentation may appear with the or TM symbols, but such references are not intended to indicate, in any way, that such names and logos are trademarks or registered trademarks of Vector. Use of Projections. The financial and operating forecasts and projections contained herein represent certain estimates of Rocket Lab as of the date thereof. Neither Vector's nor Rocket Lab's independent public accountants have examined, reviewed or compiled the forecasts or projections and, accordingly, neither expresses an opinion or other form of assurance with respect thereto. Furthermore none of Vector, Rocket Lab nor their respective management teams can give any assurance that the forecasts or projections contained herein accurately represents Rocket Lab's future operations or financial conditions. Such information is subject to a wide variety of significant business, economic and competitive risks and uncertainties, including but not limited to those set forth in the second paragraph above that could cause actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Vector or Rocket Lab or that actual results will not differ materially from those presented in the prospective financial information. Some of the assumptions upon which the projections are based inevitably will not materialize and unanticipated events may occur that could affect results. Therefore, actual results achieved during the periods covered by the projections may vary and may vary materially from the projected results. 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 are indicative of future results or will be achieved. This Presentation contains statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information. This information involves many assumptions and limitations and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data that has been contained in these industry publications and other publicly available information. Accordingly, none of Vector, Rocket Lab nor their respective affiliates and advisors makes any representations as to the accuracy or completeness of these data. This Presentation contains references to Rocket Lab's achievements compared to other companies, including being the first to achieve certain milestones. All of such references are based on the belief of Rocket Lab's management based on ubliclyavailable information known to Rocket Lab's management. Non-GAAP Financial Measures. The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X promulgated under the Securities Act of 1933, as amended. This Presentation also includes non-GAAP financial measures. Vector and Rocket Lab believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Rocket Lab's financial condition and results of operations. Rocket Lab's management uses certain of these non-GAAP measures to compare Rocket Lab's performance to that of prior periods for trend analyses and for budgeting and planning purposes. Not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures is available without unreasonable efforts at this time. Specifically, Rocket Lab does not provide such quantitative reconciliation due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including net income (loss), accelerated depreciation and variations in effective tax rate. This Presentation relates to a proposed transaction between Rocket Lab and Vector. This Presentation does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Vector and Rocket Lab intend to file a registration statement on Form S-4 with the U.S. Securities and Exchange Commission (the "SEC"), which will include a document that serves as a joint prospectus and proxy statement, referred to as a proxy statement/ prospectus. A proxy statement/prospectus will be sent to all Rocket Lab and Vector shareholders. Rocket Lab and Vector will also file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of Rocket Lab and Vector are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Investors and security holders will be able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Rocket Lab and Vector through the website maintained by the SEC at www.sec.gov. The documents filed by Vector with the SEC also may be obtained free of charge upon written request to Vector Acquisition Corporation, One Market Street, Steuart Tower, 23rd Floor, San Francisco, CA 94105. The documents filed by Rocket Lab with the SEC also may be obtained free of charge upon written request to Rocket Lab USA, Inc., 3881 McGowen Street, Long Beach, CA 90808. Participants in the Solicitation. Rocket Lab, Vector and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Vector's shareholders in connection with the proposed transaction. A list of the names of such directors, executive officers, other members of management, and employees, and information regarding their interests in the business combination will be contained in Vector's filings with the SEC, including Vector's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2020, which was filed with the SEC on November 16, 2020, and such information and names of Rocket Lab's directors and executive officers will also be in the Registration Statement on Form S-4 to be filed with the SEC by Rocket Lab and Vector, which will include the proxy statement of Vector Additional information regarding the interests of such potential participants in the solicitation process will also be included in the registration statement (and will be included in the definitive proxy statement/ prospectus) and other relevant documents when they are filed with the SEC.#3WE GO TO SPACE TO IMPROVE LIFE ON EARTH 3 Rocket Lab USA FROM THE FOUNDER GG SPACE HAS DEFINED SOME OF HUMANITY'S GREATEST ACHIEVEMENTS, AND IT CONTINUES TO SHAPE OUR FUTURE. I'm motivated by the enormous impact we can have on Earth by making it easier to get to space and to use it as a platform for innovation, exploration, and infrastructure. We go to space to improve life on Earth." PETER J. BECK Founder, CEO, Chief Engineer, Adjunct Professor#4TODAY'S PRESENTERS ROCKET LAB 4 Peter Beck Founder, CEO, Chief Engineer Rocket Lab USA ROCKET LABI Adam Spice Chief Financial Officer BROADCOM MAXLINEAR intel VECTOR ACQUISITION CORPORATION Alex Slusky CEO, Vector Acquisition Corporation CIO, Founder, and Managing Director, Vector Capital VECTOR CAPITAL McKinsey & Company NEA ZIFF BROTHERS INVESTMENTS#5VECTOR CAPITAL OVERVIEW 5 OUR PEDIGREE Tech-only Investment Fund HIGHLIGHTS $3B+ Capital Under Management Rocket Lab USA 25-Year Track Record 40+ Investing and Operating Professionals OUR VALUE ADD FOR ROCKET LAB VECTOR ACQUISITION CORP $320M SPAC Executing Accretive Acquisitions Sales, Operations, Strategy 100+ Tech Companies Acquired Since 1997 39% Gross IRR Since Inception ********** O#6CONTENTS SECTION 01 Rocket Lab Overview & Introduction 6 Rocket Lab USA NO LOAD ZORAN MI SECTION 02 Launch KET SECTION 03 Space Systems NV SECTION 04 Transaction Overview & Financials#77 Rocket Lab USA Section 1 ZOm r SECTION 01 ROCKET LAB OVERVIEW & INTRODUCTION#88 IN THE HISTORY OF SPACEFLIGHT, ONLY TWO PRIVATE COMPANIES HAVE DELIVERED REGULAR AND RELIABLE ACCESS TO ORBIT Rocket Lab USA Section 1 ROCKET LAB & SPACEX#9ROCKET LAB AT A GLANCE A vertically integrated provider of small launch services, satellites and spacecraft components 9 DELIVERING END-TO-END SPACE SOLUTIONS + Launch: Proven rocket delivering dedicated access to orbit for 3+ years Space Systems: Manufacturing satellites and best-in-class heritage spacecraft components Space Applications: Uniquely positioned to leverage launch and satellite capabilities and infrastructure to build and operate our own constellations Rocket Lab USA Section 1 IN UNDER 6 YEARS 800 18 97 3 Launches Launch pads built to space 1 Strategic acquisition Satellites deployed to orbit *N 2 Factories built 1 of our own satellites on orbit (+ more to come) 2ND Most frequently launched U.S. rocket P 1 Recovered rocket 999 2 Mission control centers 3 Interplanetary missions scheduled (Moon, Mars, Venus) 7 Successful missions for USG customers 1 Awarded propellant depot mission on orbit for NASA#10ROCKET LAB IS WAY OUT IN FRONT UNIQUELY COMPELLING INVESTMENT OPPORTUNITY IN A GENERATIONAL SPACE LEADER 10 LARGE, RAPIDLY GROWING MARKET PIONEER WITH COMMANDING LEADERSHIP POSITION PROVEN BUSINESS EXECUTION EXPANDING SCOPE & SEIZING GROWTH OPPORTUNITIES ATTRACTIVE FINANCIAL MODEL SUCCESSFUL EXECUTIVE TEAM DRIVING INNOVATION Rocket Lab USA Section 1 1 Wall Street Research > Unprecedented commercial investment and government expenditures are driving rapid growth in the space economy > Market forecast to grow to $1.4T by 2030¹ › One of only two commercial companies delivering regular access to orbit > Strong first-mover advantage in small launch category › 18 launches since 2017 with cadence increasing > Rocket Lab-built satellites and components on orbit › Extensive launch and development facilities across U.S. and NZ › Aggressive organic and inorganic expansion of Space Systems business > Missions scheduled to the Moon and Mars for NASA › Uniquely positioned to access expanding space applications TAM › Current bookings for 2021 represent 90% of $69M forecast revenue (96% Y/Y growth) > Forecast EBITDA positive in 2023 and cash flow positive in 2024 › Forecast crossing $1B revenue in 2026 › Peter Beck is a visionary in the space industry, leading Rocket Lab to a series of industry-defining firsts › Adam Spice has public company CFO credentials and deep M&A experience › Motivated and passionate team of 530 employees TLA LAUNCH COMPLEX 1 MAHIA, NEW ZEALAND JWU-ED ELECTRON LIFT-OFF LAUNCH COMPLEX 1 + ZEER#11$350B+ TAM FORECAST TO GROW TO $1.4T BY 2030¹ UNIQUELY POSITIONED TO EXPLOIT A GROWING MARKET 1 LAUNCH Electron & Neutron TAM ~$10B² › TAM growth driven by historic levels of demand for responsive small satellite launch and constellation deployments > Small satellite constellations will account for ~83% of all satellites launched by 2028³ 11 Rocket Lab USA Section 1 2 SPACE SYSTEMS Photon TAM ~$20B² > Significant growth in small satellite mega constellations driven by demand for commercial Earth observation and telecom applications › DoD focused on resiliency of space infrastructure and satellite constellation deployment and replenishment > Increased focus from multiple governments on high value deep space planetary exploration and discovery missions 3 SPACE APPLICATIONS TAM ~$320B¹ › Market growth driven by demand for space- based connectivity, Earth observation (including synthetic aperture radar, electro-optical and RF) and other services › Significant untapped potential for value-added services including data management & analytics to support end customer insights 1 Wall Street Research 2 Allied Market Research 3 Bryce Reports ROCKET LAB PRODUCTION COMPLEX PHOTON ROCKET LY ELECTRON LIFT OFF LAUNCH COMPLEX 1#12WORLD LEADING TECHNOLOGY LARGE TECHNOLOGY MOAT 12 FA ST 3D printed rocket engine FIRST Rocket that converts to a satellite on orbit Rocket Lab USA ¹↓↓ ST Electric-pump -fed rocket engine O UNIQUE Kick Stage enabling in-space transportation Section 1 ST Fully carbon composite launch vehicle ONLY Reusable small launch vehicle ST And only private orbital launch site FIRST Private interplanetary mission PRODUCTION COMPLEX AUCKLAND, NEW ZEALAND ONC PLOTTER ROCKE LAB COMPOSITES CLEANROOM ELECTRON LIFT-OFF LAUNCH COMPLEX 1, 2020 BFT V 20 PHOTON ENCAPSULATION LAUNCH COMPLEX 1, 2020#13VERTICALLY INTEGRATED SPACE COMPANY FROM RAW MATERIAL TO ORBIT 1 Rocket Lab HQ Space Systems Mission Control U.S. 3 Global Tracking Systems 13 Rocket Lab USA 2 Sinclair Interplanetary by Rocket Lab 4 Launch Complex 2 Section 1 5 Auckland Production Complex Propulsion Test Complex 6 Mission Control New Zealand 8 Launch Complex 1 3 5 7 ROCKET LPS 2034ARCA ZONAMA ZODIAMrma TRAUMA AK 4 PERTALE 6 8 រ#14PROVEN TEAM LED BY INDUSTRY VETERANS > 14 EXECUTIVE LEADERSHIP Peter Beck Founder, CEO, Chief Engineer Shaun D'Mello VP - Launch Ehson Mosleh Space Systems Chief Engineer Rocket Lab USA Section 1 Adam Spice Chief Financial Officer Doug Sinclair Space Systems Engineering Fellow Richard French, Director - Business Development & Strategy Space Systems Shaun O'Donnell EVP - Global Operations > Lars Hoffman SVP - Global Launch Services Robbie Hurwitz Senior Legal Counsel Lachlan Matchett VP - Propulsion Shane Fleming, VP - Global Commercial Launch Services Morgan Bailey Head of Communications SPACEX intel. UNITED OF IMENT THE MEMILYH STATES AIR R FORCE **** AMERICA NASA I Sinclair Interplanetary BROADCOM#15OUR EXECUTION HISTORY WE DO WHAT WE SAY WE WILL DO LAUNCH 6 YEARS 2014 1st venture NZ launch capital raised site built 2019 Photon program announced SPACE SYSTEMS 1 YEAR 2020 First Rocket Lab satellite on orbit 2018 1st flight to orbit 15 Rocket Lab USA Acquired Sinclair Interplanetary Factory built to support 1 rocket per week production SPACE APPLICATIONS 0.5 YEARS Section 1 First NRO launch Awarded NASA CAPSTONE mission to the Moon Positioned to provide space data to the market U.S. launch site built Awarded NASA propellant depot mission in LEO Successful reuse mission Developed multiple Rocket Lab satellite components 4th most frequent launcher in the world in '19 & '20 KSAT partnership First Photon launched 2020 Monthly launch cadence into 2021 2020 Scheduled missions to the Moon (2021), Venus (2023) and Mars (2024) ELECTRON LIFT-OFF MAHIA, NEW ZEALAND N NROO PHOTON FIRST LIGHT NOVEMBER 2020 NASA R N FIRST NASA MISSION 2018 +#1616 Rocket Lab USA Section 2 SECTION ©2 LAUNCH#17DEDICATED SMALL LAUNCH IS CRITICAL NOT ALL SPACE ACCESS IS THE SAME 17 Rocket Lab delivers the first dedicated ride to orbit for small satellites, providing customers control over launch schedule and enabling tailored orbits that cannot be matched by large rocket rideshare AP Small satellites face costly delays when flying rideshare on large rockets due to low launch frequency Rocket Lab USA Section 2 D More than 50% of small satellites launched in the past 5 years were delayed from 4 months to 2 years Large rockets do not provide adequate control for many small satellite orbital destinations LAUNCH ON DEMAND Strategically critical for military space resilience and commercial constellation replenishment TAILORED ORBITS Small satellite customers in control of exact orbits. Wide range of launch azimuths 244 FREQUENT LAUNCH 132 launch slots every year (more than all U.S. launch sites combined) 40 sites SCHEDULE CONTROL Ability to control launch time down to the second M#18MEET ELECTRON SIGNIFICANT TECHNOLOGY MOATS 97 Satellites deployed to orbit to date + Powered by the world's first 3D printed and electric- pump-fed rocket engine technology, backed by a growing IP portfolio and patent filings 18 Rocket Lab USA 1ST Carbon composite orbital launch vehicle in the world + Unique Kick Stage standard with every launch to provide industry-leading precision and flexibility Section 2 132 Launch opportunities every year across 3 launch pads + Designed for manufacturability and reliability 180 3D printed engines delivered to space + Tailored for satellites up to 300 kg (660 pounds) payload class ELECTRON LAUNCH COMPLEX 1 PRODUCTION COMPLEX ELECTRON ROCKE ELECTRON ON LAUNCH PAD LAUNCH COMPLEX 1 + N 20 ELECTRON FAIRING PAYLOAD PLATE KICK STAGE SECOND STAGE RUTHERFORD VACUUM ENGINE INTERSTAGE FIRST STAGE POWER PACK 9X RUTHERFORD SEA LEVEL ENGINES#192ND MOST LAUNCHED ROCKET IN THE U.S. 1 SPACEX 1 CHINA 4TH MOST FREQUENT LAUNCHER GLOBALLY N M 19 RUSSIA SPACEX FREQUENTLY Rocket Lab USA Section 2 2 ROCKET LAB ROCKET LAB 5 EUROPE 6 JAPAN 20 ROCK ELECTRON RIESTO MAY 2017 JUNE 2019 as 560 7.0500 JULY 2020 JANUARY 2018 AUGUST 2019 AUGUST 2020 NOVEMBER 2018 OCTOBER 2019 D OCTOBER 2020 DECEMBER 2018 OUT ON FINGERS DECEMBER 2019 16 NOVEMBER 2020 MARCH 2019 JANUARY 2020 DECEMBER 2020 MAY 2019 NOW JUNE 2020 JANUARY 2021#20ONLY TWO PRIVATE COMPANIES ARE DELIVERING REGULAR AND RELIABLE ACCESS TO ORBIT 20 ROCKET LAB IS THE SMALL LAUNCH LEADER Company Rocket Lab Virgin Orbit Firefly Relativity Astra ROCKET LABI Rocket Lab USA Successful Orbital Launches 16 1 O O O Section 2 Satellites Delivered to Orbit 97 9 O O & SPACEX O Capital Raised to Date¹ $275M $1B ~$210M ~$685M $100M 1 PitchBook, Press, Investor Materials In-house Satellite Program X X X X LODROOM ROCKET LAB SCALED TO A MONTHLY LAUNCH CADENCE FASTER THAN ANY OTHER COMMERCIAL LAUNCH PROVIDER#21OUR CUSTOMERS 18 MISSIONS, 97 SATELLITES DEPLOYED FOR MORE THAN 20 ORGANIZATIONS 21 NASA 2 Missions SPACE FORD THE S 1 Mission (upcoming) SPACEFLIGHT 4 Missions TriSept Corporation 1 Mission unseenlabs THE BRIGHT SIGHT 2 Missions Rocket Lab USA DARPA 1 Mission CE & MISSILE SYSTEMS CENTR Section 2 1 Mission BLACK SKY 2 Missions Capella Space 1 Mission FLEET 1 Mission AR 18 EOMMEN 1 Mission planet. 3 Missions A Tan Obla Corporation 3 Missions Canon 1 Mission Aspire 2 Missions RECON AKAN 2 Missions 1 Mission Synspective 1 Mission OHB 2 Missions 2 Missions -20% CIVIL ~50% COMMERCIAL -30% DEFENSE#22STATE OF THE ART MANUFACTURING 22 Production facilities capable of producing a rocket every week R&D and manufacturing facilities across the U.S., NZ and Canada Rocket Lab USA P Extensive automation incl. 3D printing and custom robotic processing. Largest robotic machining center in the Southern Hemisphere Section 2 All production scaling investments and infrastructure complete Pho 00 ~90% vertically integrated. Engines, vehicle structures, avionics, guidance sets and flight termination hardware produced in-house NT BOOTH OR PRODUCTION HQ LONG BEACH, U.S. + PAINT PREP 7.0 30 PAINTIN APART ROTKELAB ZOBArm ZONA MCM ZORAN mr m ROC ZOHOME M HQ PRODUCTION LONG BEACH, U.S. + wwww QUALITY PRODUCTION COMPLEX AUCKLAND, NEW ZEALAND PRODUCTION COMPLEX AUCKLAND, NEW ZEALAND +#23UNRIVALED LAUNCH INFRASTRUCTURE 3 LAUNCH PADS ACROSS 2 COUNTRIES LAUNCH COMPLEX 1 NEW ZEALAND LAUNCH COMPLEX 2 VIRGINIA, U.S. 132 launch slots annually (more than all U.S. ranges combined) Eg World's only private, FAA- licensed orbital launch site 23 Rocket Lab USA Section 2 Critical national infrastructure asset for U.S. government customers 24-hr rapid call-up launch for defense needs and constellation replenishment -Om Dedicated integration and control facilities The only bilateral treaty that allows U.S. launch vehicles to launch outside of the U.S. LAUNCH COMPLEX 1 MAHIA, NEW ZEALAND + THERE ARTmarturmalin 327922 SEES LAUNCH COMPLEX 2 VIRGINIA, U.S.#24REUSABILITY THE KEY TO LAUNCH FREQUENCY 24 Electron is the only reusable orbital-class small rocket P One of only two companies to successfully bring back an orbital- class booster from space Rocket Lab USA go Components from first recovered booster already scheduled for re-flight Section 2 D Enables higher launch frequency without expanding production First re-flight of a full booster scheduled for 2022 ELECTRON RECOVERY TESTING NOVEMBER 2020 + MID-AIR CAPTURE MARCH 2020 + G#25SMALL LAUNCH WAS THE BEGINNING THE MARKET NEEDS A CONSTELLATION LAUNCHER 25 83% ↑ There is currently no commercial medium lift class launch vehicle to meet this demand Rocket Lab USA Section 2 of the small satellites launched by 2028 will be constellation missions¹ Constellation satellites need to be launched in batches to different orbital planes. Large rockets don't solve this 1 Euroconsult 8T An analysis of large constellations points to an 8-ton class rocket as the ideal lift capacity Example: Telesat Lightspeed broadband constellation² 1 220 SATELLITES need launch (700kg each) 2 Space News 2 20 DIFFERENT orbital planes required M Synspective 11 SATELLITES per plane 7.7 TONS per launch#26NEXT STEP: NEUTRON NEW ROCKET DEVELOPMENT 8-TON PAYLOAD CAPACITY 26 › Rocket Lab solved small launch with Electron › Neutron solves medium launch Tailored for commercial and DoD constellation launches ||||||||| Capable of human space flight and crew resupply to the ISS Rocket Lab USA Section 2 Highly disruptive lower costs by leveraging Electron's heritage, launch sites and architecture Reusable-ready platform after test program completion 1 Euroconsult, Northern Sky Research Direct alternative to SpaceX Falcon 9 ~$200M development program. First launch 2024 98% ELECTRON & NEUTRON CLASS ROCKET LAB CAN LIFT 98% OF ALL SATELLITES FORECAST TO LAUNCH THROUGH 2029¹ 2% OTHER CLASS WJWUTROZ N ZEUTROZ ADA NEUTRON ELECTRON (SMALL LIFT) (MEDIUM LIFT) ******** 63M 40M 18M SPACEX, FALCON 9 (LARGE LIFT)#27ICKET L 27 Rocket Lab USA Section 3 NV REMOVE BEFORE FLIGHT REMOVE BEFORE FLIGHT SECTION 03 SPACE SYSTEMS#28SPACE SYSTEMS MANDATE 28 1 2 SATELLITES AS A SERVICE From LEO constellations to high-complexity deep space and interplanetary missions SATELLITE COMPONENTS Anything that goes to space should have a Rocket Lab logo on it 3 SPACE APPLICATIONS Uniquely positioned to access expanding space applications TAM Rocket Lab USA Section 3 PHOTON PATHFINDER 1 AUGUST 2020 PHOTON - CAPSTONE AUGUST 2020 24 REMOVE BEFORE FLIGHT Alls#29SATELLITES AS A SERVICE PHOTON: LOW EARTH ORBIT 29 Customers no longer have to build their own satellite. They can buy a launch, satellite, ground services and on-orbit management in a turn-key package Operational Photon satellite is on orbit now and functioning flawlessly =D Awarded NASA propellant depot mission Rocket Lab USA Section 3 Every time Rocket Lab launches a customer mission, Photon is a free "stowaway" satellite Ol Strong market uptake in satellite as a service model across USG and commercial customers Forms the satellite platform for our own constellations B Unique ability to control schedule and costs G THE PHOTON FIRST LIGHT MISSION AUGUST 2020 + PHOTON FIRST LIGHT MISSION + AUGUST 2020#30SPACECRAFT AS A SERVICE PHOTON: INTERPLANETARY 30 Rocket Lab goes everywhere in the solar system. Interplanetary Photon is a high-energy stage capable of going to the Moon, planets, asteroids and beyond 1 No other small, high-performance platform currently in the market Rocket Lab USA Section 3 Photons can fly on Electron or any other rocket Strong market traction to date with multiple NASA deep space missions UPCOMING VENUS MISSION 2023 + + PHOTON INTERPLANETARY SPACECRAFT FOR NASA CAPSTONE LUNAR MISSION 2021#31INTERPLANETARY MISSIONS MISSIONS AWARDED AND SPACECRAFT DEVELOPED 31 FIRST TO THE MOON MOON Rocket Lab USA AWARDED NASA CAPSTONE MISSION TO THE MOON LAUNCHING 2021 As a precursor for Gateway, a Moon-orbiting outpost that is part of NASA's Artemis program, CAPSTONE will help reduce risk for future spacecraft Section 3 DISRUPTING THE MARKET VENUS ROCKET LAB'S PRIVATE MISSION TO VENUS TO SEARCH FOR LIFE LAUNCHING 2023 Rocket Lab will provide both the rocket and spacecraft - international research team will provide the probe and science instrument DISPLACING LEGACY SPACE MARS MISSION TO MARS LAUNCHING 2024 The mission will see Photon deliver a science payload to Mars to study the planet's atmosphere#32SATELLITE COMPONENTS MISSION-CRITICAL COMPONENTS FOR SMALL AND MEGA CONSTELLATIONS 32 Everything that goes to space should have a Rocket Lab logo on it Secures supply chain for Rocket Lab-built satellites and spacecraft i Awarded contract to supply reaction wheels to mega constellation Rocket Lab USA Section 3 Strengthened by the acquisition of Sinclair Interplanetary in 2020 Growing demand from mega constellations Pus 000 Disruptive high- volume manufacturing of critical satellite components at scale prices Solar Panels Al Torque Rods Satellite Batteries Reaction Wheels Fibre Optic Network Switches E FLIGHT Star Trackers#3333 Rocket Lab USA Section 3 NEME UNIQUELY POSITIONED TO CREATE A NEW MULTI-BILLION-DOLLAR BUSINESS VERTICAL Rocket Lab is in a unique position to complete the final move up the value chain to provide data and services to the market by leveraging Electron, Neutron, and Photon, further unlocking the ~$1.4T TAM¹ by 2030 ㅖ 1 Wall Street Research Rocket Lab's in-house launch and space systems capabilities provide significant competitive advantages in the space applications market#3434 H Rocket Lab USA doos POOS Section 4 STAGE 179.JP (HWK) LONTANK KERD TANK PUGHT MODE DORTHE SECTION 04 TRANSACTION OVERVIEW & FINANCIALS#35TRANSACTION OVERVIEW 35 > Fully diluted pro forma enterprise value of $4.1B, representing 5.4x 2025E revenue of $749M › Existing Rocket Lab shareholders will receive 82% of the pro forma equity > Transaction will result in $745M of cash to the balance sheet to fund growth > Funded by a combination of cash in Vector's trust account and PIPE proceeds Rocket Lab USA Section 4 Sources Existing Rocket Lab Shareholders Vector SPAC Cash in Trust¹ PIPE Equity² Rocket Lab Existing Cash³ Total Sources Uses Existing Rocket Lab Shareholders Cash to Balance Sheet Cash to Existing Shareholders Estimated Fees & Expenses Total Uses $M 3,960 320 467 48 $4,795 $M 3,960 745 40 50 $4,795 Pro Forma Valuation Share Price at Closing PF Shares Outstanding (M) 4,5,6 Equity Value ($M) (-) PF Net Cash ($M)6 Enterprise Value ($M) Pro Forma Ownership5 SPAC Sponsor <2% SPAC Investors 7% PIPE Investors 10% $10.00 482.7 $4,827 (745) $4,082 Existing Rocket Lab Shareholders 82% 1 Assumes no redemptions from existing public shareholders. 2 Assumes 46.7M shares issued at $10.00 per share. 3 $48M of cash and cash equivalents estimate for March 31, 2021 4 Pro forma share count includes 396.0M shares to be issued to existing Rocket Lab shareholders or potentially issuable to holders of vested and unvested stock options, other equity awards and other contingent obligations of Rocket Lab, 46.7M shares to PIPE investors, 32.OM shares to SPAC investors, and 8.0M shares to SPAC sponsor. Assumes new shares issued at $10.00 5 Share count excludes: i) 10.7M public warrants (strike price of $11.50 and redeemable at $18.00 / share); ii) 5.6M Sponsor warrants (with strike price of $11.50); iii) existing shareholder earnout shares equal to 8% of Common Stock held by the existing shareholders at closing (composed of a single tranche with target price of $20.00 per share and vested if stock trades at or above $20.00 for any 20 of 30 days occurring between 90 and 180 days post close). 6 Assumes 4.0M shares otherwise issuable to existing Rocket Lab shareholders are redeemed at $10.00 per share#36FINANCIAL MODEL SUMMARY 36 › Current bookings for 2021 represent 90% of forecast revenue¹ › Existing customer relationships, frequency of repeat business and active opportunity pipeline of ~$2.2B provide confidence in long-term plan CURRENT ACTIVE PIPELINE SUM: -$2.2B N Rocket Lab USA $1.2B $447M $386M $181M Section 4 +Launch Space Systems Bundled Launch + Photon Components HISTORICAL AND PROJECTED REVENUE Space Systems ($M) Launch ($M) $13.5 2018 $48 2019 $35 2020E² $2 $33 $69 2021E $20 $49 $176 2022E $61 $115 $267 $126 $141 2023E $450 $218 $232 2024E $749 $350 $399 2025E $1,159 $501 $658 2026E $1,571 $656 $915 2027E 1 Reflects approximately $16M reduction in estimated 2021 revenue recognition due to rescheduling by a US Government customer of two dedicated launches that had been scheduled for August of 2021, into January/February of 2022, due to delays from their satellite bus partner. Concurrently with the rescheduling, the customer informed Rocket Lab that it had awarded the Company an additional dedicated launch for 2022, which increased Rocket Lab's total backlog by approximately $8.5M 2 Total cumulative billings associated with launches completed in 2018, 2019 and 2020 were approximately $7M, $34M and $39M, respectively. Total cumulative billings for launches to be conducted in 2021 are expected to be $59M#37FINANCIAL MODEL SUMMARY 37 › Adjusted EBITDA breakeven is expected in 2023E with significant EBITDA ramp thereafter as the company scales operations › Significant free cash flow generation driven by adjusted EBITDA growth and minimal maintenance capital expenditure Rocket Lab USA Section 4 HISTORICAL AND PROJECTED ADJUSTED EBITDA ($M) Adjusted EBITDA Margin ($32) 2018 ($24) (238%) (49%) ($47) 2019 2018 ($36) ($48) ($20) 2020E 2019 2021E (102%) (69%) HISTORICAL AND PROJECTED UFCF ($M)¹ 2020E 2022E ($40) ($45) ($76) ($73) (11%) 2021E 2022E Note: Adjustments to EBITDA include share-based compensation, foreign exchange gains or losses, and non-recurring losses, including the impact of retaining employees during COVID-19 shutdowns $26 2023E 10% ($11) 2023E $119 2024E 26% $97 2024E $168 2025E 22% $149 2025E $340 2026E 29% $311 2026E $505 2027E 32% $465 2027E 1 Unlevered free cash flow is defined as adjusted EBITDA minus capital expenditures minus increases in working capital#38HIGHLY COMPELLING OPPORTUNITY 38 › Rocket Lab represents a unique opportunity for public investors to invest in the market-leading small launch and space systems company = TEV ($B) = Current TEV ($B) Total payload deployment revenue to date¹ Successful launches with payloads deployed 1st successful commercial launch (year) Rocket Lab USA Section 4 $2.3 Relativity $0 O N/A $2.2 *************** $1.2 MOMENTUS PACI $0 0 N/A $3.2 $2.1 ASTRA $0 0 N/A Note: Market Data as of 2/26/2021 Source: Company Filings, Bloomberg, FactSet, Press Reports $4.1 ROCKET LAB $105M 16 2018 $74.0 | SPACEX DATA NOT AVAILABLE 106 2009 1 Assumes peer revenues are recognized at launch. For Rocket Lab includes 2018, 2019, 2020E and January 2021E#39VALUATION AND OPERATIONAL BENCHMARKING 39 TEV / 2025E Revenue TEV ($B): $4.1 Revenue CAGR (2023-2025E) TEV / 2025E EBITDA (adj) EBITDA (adj) margin (2025E) Rocket Lab USA 5.4x ROCKET LABD 67.6% 24.3x ROCKET LABD 22.4% Section 4 $8.6 11.6x LUMINAR 149.8% 101.8x -chargepoin+¹ 8.7% Leading Technology SPACs $8.8 $23.6 $3.4 8.9x -chargepoin+¹ 68.6% 30.7x LUMINAR 37.8% MEDIAN: 7.4X 7.4x QuantumScape 807.2%4 MEDIAN: 29.3x 29.3x 2 QuantumScape 25.2%5 2 6.6x danimer scientific 36.9% 19.9x danimer scientific 32.9% $4.4 1.7x PROTERRA 75.0% 8.1x PROTERRA 21.0% 1 1 $8.4 18.0x GALACTIC 38.6% 44.3x GALACTIC 40.6% 3 3 $1.4 2.5x SPACE SPACs BLACK SKY 56.5% 5.6x 44.7% $3.2 MEDIAN: 2.1x BLACK SKY¹ 2.1x ASTRA 142.1% MEDIAN: 4.6x 4.6x ASTRA 1 46.2% $2.2 Note: Market data as of 2/26/2021. For SPAC transactions that have closed, TEV is based on latest available filing. For SPAC transactions announced but not yet closed, TEV is based on the investor presentation or latest S-1 available (1) ChargePoint, Proterra, BlackSky, Astra, Momentus and AST SpaceMobile have been announced but not yet closed. (2) QuantumScape represents 2027E multiple. (3) Virgin Galactic represents 2024E multiple (4) QuantumScape represents 2025E-2027E revenue CAGR. (5) QuantumScape represents 2027E EBITDA margin. (6) Virgin Galactic represents 2024E EBITDA margin. Source: FactSet, Wall Street Research, Public Filings 1.1x MOMENTUS AST SPESE 1.8x $2.1 81.0% 280.8% MOMENTUS 0.8x 61.3% 0.8x 1 ASTSpaseMobile 97.5%#40For more information watch the Rocket Lab story here PLAY VIDEO ›D=ROCKET·LAB