#1Z sacos LATRIN THE PREMIER HIGH-GROWTH, PURE PLAY INDUSTRIAL ROBOTICS INVESTMENT Baird 2021 Global Industrial Conference Ben Wolff- Chief Executive Officer November 11, 2021#2DISCLAIMER Legal Disclaimer This presentation and any related oral statements contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, statements regarding Sarcos' future operating results, financial position, business strategy, projections of market opportunity and market share, estimates and forecasts of other financial and performance metrics, anticipated benefits of its technologies, plans and objectives for future operations and offerings, expectations and timing related to commercial product launches, and the potential success of Sarcos' strategy. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expect," "plan," anticipate," "believe," "estimate," "predict," "intend," "potential," "would," "continue," "ongoing" or the negative of these terms or other comparable terminology. Such forward-looking statements involve risks, uncertainties and assumptions that may cause actual events, results, or performance to differ materially from those indicated by such statements. Certain of these risks and uncertainties are set forth in the section entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in Sarcos' filings with the Securities and Exchange Commission (the "SEC") from time to time which are available, free of charge, at the SEC's website at www.sec.gov. In addition, statements that "we believe" and similar statements reflect Sarcos' beliefs and opinions on the relevant subject. These statements are based upon information available to Sarcos as of the date of this presentation, and although Sarcos believes such information forms a reasonable basis for such statements, such information may be limited or incomplete, and Sarcos' statements should not be read to indicate that Sarcos has conducted a thorough inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and readers are cautioned not to unduly rely upon these statements. 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. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by Sarcos or any other person that Sarcos will achieve its objectives and plans in any specified time frame, or at all. Except as required by law, Sarcos assumes no obligation and does not intend to update any forward-looking statements or to conform these statements to actual results or changes in Sarcos' expectations. This presentation also contains estimates and other statistical data made by independent parties and by Sarcos relating to market size and growth and other industry data. These data involve a number of assumptions and limitations and is subject to change. You are cautioned not to give undue weight to such estimates. Sarcos has not independently verified the statistical and other industry data generated by independent parties and contained in this presentation and, accordingly, cannot guarantee their accuracy or completeness. In addition, any projections, assumptions and estimates of Sarcos' future performance and the future performance of the markets in which it competes are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results or outcomes to differ materially from those expressed in the estimates made by the independent parties and by Sarcos. Any projections, estimates and targets in this presentation are forward-looking statements that are based on assumptions as of the date they were made and that were inherently subject to significant uncertainties and contingencies, many of which are beyond Sarcos' control. Such projections, estimates and targets are included for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. While all projections, estimates and targets are necessarily speculative, Sarcos believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain, are subject to change and are subject to a wide variety of significant business, economic, regulatory and competitive risks and uncertainties that could cause actual results to differ materially from those contained in such projections, estimates and targets. The inclusion of projections, estimates and targets in this presentation should not be regarded as an indication that Sarcos, or its representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events. Sarcos' independent auditors did not audit, review, compile or perform 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. By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business. Sarcos announces material information to the public through a variety of means, including filings with the SEC, public conference calls, Sarcos' website (www.sarcos.com), its investor relations website (https://www.sarcos.com/investor-relations/), and its news site (https://www.sarcos.com/company/news/#press-releases). Sarcos uses these channels, as well as its social media, including its Twitter (@Sarcos_Robotics) and LinkedIn accounts (https://www.linkedin.com/company/sarcos/), to communicate with investors and the public news and developments about Sarcos, its products and other matters. Therefore, Sarcos encourages investors, the media, and others interested in the company to review the information it makes public in these locations, as such information could be deemed to be material information.#3HOW DOES WORK GET DONE WHEN THERE AREN'T ENOUGH WORKERS TO GO AROUND? 3 BARRON'S ECONOMY & POLICY Where a Labor Shortage Is Most Acute: Manufacturing, Retail, and Transportation. By Matthew C. Klein Updated June 9, 2021 11:47 am ET/Original June 9, 2021 10:03 am ET CAN BUSINESS Markets Tech Media Success Perspectives Videos ▲DOW +0.44% ▲ S&P 500 +0.42% NASDAQ +0.11% FEATURED Cryptocurrency, explained By Matt Egan, CNN Business Updated 3:31 PM ET, Tue May 4, 2021 = Industry Week. Edition 38% of manufa LATEST Light skills and t UKG. American factories are desperate for workers. It's a $1 trillion problem SARCOS PROPRIETARY Barrons.com, Census.gov, CNN.com, IndustryWeek.com LIVE TV CAN BUSINESS Markets Tech Media Success Perspectives Videos DOW +0.44% ▲ S&P 500 +0.42% ▲NASDAQ +0.11% FEATURED Cryptocurrency, explained United States* Census TALENT The Skilled Labor Shortag Manufacturing Faces a Labor Shortage as Workforce Ages Manufacturing's Full Reco Bureau Business and Economy Workforce Institute at UKG Connecticut Case Study: Attracting Skilled Manufacturing Workers a Challenge as Aging Baby Boomers Retire EARLENE K.P. DOWELL | NOVEMBER 17, 2020 ● LIVE TV Edition V LATEST S America desperately needs 1 million more construction workers By Vanessa Yurkevich, CNN Business Updated 6:36 PM ET, Sun July 11, 2021 sAacos#4THE ANSWER: A FLEET OF INDUSTRIAL ROBOTS THAT AUGMENT INSTEAD OF AUTOMATE FOR NON-REPETITIVE JOBS AI 4 Guardian® XT™ Avatar Robot 12 Ti SARCOS PROPRIETARY Guardian® XO® Exoskeleton Robot hhhhhhh Sarcos is developing a fleet of highly dexterous mobile industrial robots, that it will own and manage, to deliver multiples of productivity and enhanced safety across a wide range of industries for the annual cost of a single FTE 0000000000 "B. The Robot-as-a-Service offering is expected to provide next generation, scalable labor force multiplier with an immediate ROI for industrial and military customers MACOS 4 SARCOSⓇ#530+ YEARS OF DEVELOPMENT SARCOS EVOLUTION Predecessor spinout from University of Utah 1983 2000 5 XO program begins (DARPA) SARCOS PROPRIETARY 2006 1st XO hydraulic (DARPA) Raytheon Raytheon buys Sarcos 2007 2010 Raytheon 2nd XO hydraulic (DARPA) Ben Wolff leads group to purchase Sarcos from Raytheon 2015 CATERPILLAR GE Schlumberger Microsoft Series A ($15m) 2016 Air Force XO contract TMENT DEPARTMEN OF THE UNITED STATES MCMXLV OF AMERICA UNITED MARINE wwwwww Series B ($30m) www STATES Industry Advisory Group established 2018 CORPS Marine Corp XO contract 2019 US SOCOM XO contract UNITED STATES OPERA ATIO COMMAND ONS CON ADELTA Added 4 distribution partners (2 NA, 2 EU) Series C ($40m) 2020 XO debut at CES GS multi-unit sale to US DoD US Navy XT contract sAacos#6GLOBAL NEED DRIVES DEMAND WORKER SHORTAGE, INJURY, AND FATIGUE = KEY DRIVERS OF OPPORTUNITY ! $2.5 trillion negative impact. Ion U.S. economy Industry Source OLD AGE DEPENDENCY RATIO (%) # of people 65+ as % of labor force (15-64), forecasts Japan Italy Germany Sweden France UK Spain US Poland Russia China World India 13 13 SARCOS PROPRIETARY 19 19 22 22 25 30 28 28 34 33 32 33 36 39 39 44 44 42 51 1) Excludes indirect costs and OSHA fines 62 60 67 72 2015 2050 Source: European Commission 2.4 million U.S. worker shortage in manufacturing I by 2028 Industry Source $1.6 trillion global impact in I the construction industry Industry Source Over the past two decades, there has been ~1% annual I growth in construction productivity Industry Source $100 billion spent annually on I back injuries in the U.S. Spine Research Institute & OSHA $136 billion annual costs in lost production due to fatigue OSHA, 2007 Falls from height #4 most I disabling & costly injury after overexertion and falling from the same level 2019 Liberty Mutual Workplace Safety Index $4.98 billion direct compensation cost for injuries from falling to a lower level¹ U.S. Office of Personnel Management sAacos#7$147 BILLION ANNUAL TARGET MARKET IN THE US ALONE SCALE & EFFICIENCY TRANSCEND INDUSTRIES & APPLICATIONS, OFFERING BLUE OCEAN OPPORTUNITY LARGE ADDRESSABLE MARKET¹ >16 million people employed in the U.S. alone in jobs that can benefit from robotic augmentation 7 SARCOS PROPRIETARY Total Addressable US Market: $147b Serviceable Obtainable US Market: $15b END MARKETS & APPLICATIONS AEROSPACE AUTOMOTIVE LOGISTICS DEFENSE OIL & GAS POWER & UTILITIES CONSTRUCTION MANUFACTURING • Maintenance & repair • Assembly support ● Ship / receive • Assemble • Non-cons ● Heavy duty ● Logistics • Maintenance & repair • Maintenance & diagnostics • Construct/deconstruct • Line and transformer maintenance ● Infrastructure inspection ● Build & repair • Material transport • Move & manipulate • Assemble Source: Bureau of Labor Statistics Occupational Employment Statistics Survey; 1) TAM includes jobs identified from US BLS employment data that would benefit from Sarcos' product offerings, with an assumed XO / XT utilization rate at a blended annual cost of service. Assumes 10% initial market adoption for SOM. Does not include jobs outside of the US. sAacos#8INNOVATION, EXPERIENCE, AND IP ENABLE A TRUE "BLUE OCEAN" OPPORTUNITY 00 PROPRIETARY INNOVATIONS Kinematic equivalency ₁ Modelled after human movement; designed to human body ratio M Intuitive controls with integrated feedback Human-like dexterity Captures human ability to operate in unstructured environments Augments humans with robotic strength, stamina, precision and speed AI / ML robotics platform Success-based teaching Extensible object recognition and task files SARCOS PROPRIETARY Teleoperation (XT) du High fidelity force feedback for precision work Platform-agnostic design for Safety diverse environments Energetic Autonomy Reduced power from 6,800 to 500 watts Optimized power utilization - elastic recovery Advanced controls Comprehensive recovery COMPETITIVE STRENGTHS Highly experienced robotics team with ~500 years cumulative robotics experience 30-years and ~$300m in R&D investments 140 patents issued relevant to core technologies with an additional 94 patents pending (as of January 2021) DEEP ROBOTICS PATENT PORTFOLIO COVERING FOUNDATIONAL TECHNOLOGIES 94 Pending 140 Issued PROCESS ALGORITHMS SOFTWARE HARDWARE sAacos#9GUARDIAN® XO®: AN INDUSTRY 4.0 WORKFORCE MULTIPLIER WITH REDUCED RISKS OF INJURY EXPONENTIAL PRODUCTIVITY FOR THE FULLY-BURDENED COST OF A SINGLE EMPLOYEE CHALLENGES 50 8 Need many specific lift assists 2+ people to lift heavy objects Injury and disability Asset damage Opportunity cost of limited resources FEATURES Up to 200 lb lift capacity Hot-swap batteries, near-continuous operation Capable of up to 100% load relief < 30 seconds to don or doff Pricing of ~$9K / month BENEFITS I Force multiplier: safely enable workers to do more Mitigate risk of injury and fatigue Equalize workforce and extend careers 2000 XO program commercial begins (DARPA) 2006 1st hydraulic prototype (DARPA) Companies prepared to pay $100,000 $150,000 per year for an exoskeleton capable of lifting 100-200 lb¹ 2010 Provide capabilities of 3 or more human workers Based on initial alpha unit testing customer feedback Sarcos is at a commercial inflection point after 20 years of development 2019 2nd hydraulic prototype 2016 Air Force XO contract 2018 Marine Corps XO contract USSOCOM XO contract 2020 Mid-2022 XO 'Alpha' debut at CES SARCOS PROPRIETARY 1) Independent blind study, commissioned by Sarcos, 2019. 46 companies across 20 industries, respondents not prompted; 2) Based on initial alpha unit testing customer feedback. BARCOS 2nd gen 'Beta' version complete End-2022 XO, XT units begin production end of 2022 SARCOSⓇ#10GUARDIAN® XOⓇ: AN EXOSKELETON IN A CLASS OF ITS OWN INDUSTRIAL PARTIAL BODY UNPOWERED zeroG EKSO ZERO G FORTIS 10 SARCOS PROPRIETARY REHABILITATION REWALK HONDA EKSO BIONICS CYBERDYNE BALZAC CO INDUSTRIAL PARTIAL BODY POWERED PANASONIC SAMSUNG FULL-BODY POWERED A DELTA BAROGE sAacos#11GUARDIAN® XOⓇ: EXAMPLE USE CASE 11 SARCOS PROPRIETARY 1) American Academy of Orthopaedic Surgeons, 2004; 2) Bureau of Labor Statistics, 2019 AVIATION INSPECTION & MAINTENANCE AIRCRAFT MAINTENANCE ☆ CHALLENGES Heavy components handling: Frontline maintenance crews handle heavy tools and parts that can lead to fatigue and strain Injuries & downtime: 25.9 million+ workers lost an average of 7.2 days of work due to backpain¹ Shoulder-related injuries: Employees are out of work for 27 days² RESULTS Prevent fatigue-related downtime Reduce the risk of back, neck, and shoulder injuries Equalize the workforce Extend frontline workers' career span sAacos#12GUARDIAN® XOⓇ: EXAMPLE USE CASE 12 BAX AX SARCOS PROPRIETARY LOGISTICS LAST-MILE DELIVERY HEAVY PARCEL BAG HANDLING CHALLENGES Heavy, ergonomically challenging tasks: Distribution center workers repeatedly lift heavy parcel bags off shelves to load into vans for last-mile delivery. Over time, these tasks can cause fatigue, strain, and back, shoulder, and neck injuries RESULTS Prevent fatigue-related downtime Reduce the risk of back, neck, and shoulder injuries Equalize the workforce Extend frontline workers' career span sAacos#13GUARDIAN® XT™: HIGHLY DEXTEROUS ROBOTIC AVATAR CHALLENGES 8 More support required Cost of equipment High insurance cost Worker fatigue & injury Hazardous conditions 2010 GT Prototype 13 SARCOS PROPRIETARY FEATURES !Lift and manipulate up to 200 lb HD immersive experience Force feedback to control precision Mount to many mobile and telescoping bases Indoor and outdoor use Pricing of $5K / month BENEFITS Optimize productivity for precise tasks in dangerous environments I Reduce at-height and overhead fatigue, Reduce injury & exposure to hazardous conditions ! Mitigate risks and associated costs Reduce insurance premiums & hazard pay 2020 Alpha v1 2021 Beta v1 2022 Commercial production TEREX Ability to reduce standard crew by 50% and complete jobs 20% faster Based on initial alpha unit testing customer feedback sAacos#14GUARDIAN® XT™: EXAMPLE USE CASE 14 OORD SARCOS PROPRIETARY 1) 2020 National Outlook Survey, Associated General Contractors of America; 2) U.S. Bureau of Labor Statistics, 2018 CONSTRUCTION f REPAIR AND MAINTENANCE AT-HEIGHT & OVERHEAD TOOL WORK CHALLENGES Skilled labor shortage: Construction is aging out their skilled workers with 21% over age 551 Worker fatigue: Construction work involves heavy materials, tools, and difficult conditions Potentially life-altering injuries and events: Falls from height are the leading cause of death for construction workers (33.5% of fatalities)² RESULTS Reduce idle and downtime due to worker fatigue Eliminate humans doing elevated and at-height work Eliminate worker exposure to hazmat (welding fuel gas, silica, cement dust, etc.) Reduce safety equipment and infrastructure costs for at-height work SARCOSⓇ#15GUARDIAN® XT™: EXAMPLE USE CASE 15 SARCOS PROPRIETARY POWER UTILITY INSPECTION & MAINTENANCE OVERHEAD, HIGH VOLTAGE POWER LINE¹ CHALLENGES Hazardous conditions: High voltage power line work at-height and in all-weather conditions 背 Potentially life-altering injuries and events: High risk of electrocutions, burns, and falls from height Human cost and downtime: The average cost for electrocution is more than $550,000 with the median number of days off for electrical injuries is 4 days² RESULTS Reduce occurrence and costs for fatalities & injuries Improve frequency and coverage of power line inspection and maintenance. Eliminate humans doing elevated and at- height work. 1) The Guardian XT mobile robot is designed to enable remote distribution power line work only; it is not ideal for high voltage transmission line work; 2) U.S. Bureau of Labor Statistics and the U.S. Census Bureau, 2018 sAacos#16ROBOT-AS-A-SERVICE (RAAS) MODEL EXPECTED TO ACCELERATE ADOPTION AND DELIVER RECURRING REVENUES RAAS INTENDED TO OFFER ECONOMIC ADVANTAGES AND A UNIQUE VALUE PROPOSITION BENEFITS OF RAAS Remote monitoring & updates 16 SARCOS PROPRIETARY OpEx expenditure No implementation / infrastructure cost A Service and maintenance included No upfront CapEx outlay RAAS VS. BUY ✓ Maintenance and servicing covered by Sarcos Lowers barriers to deployment due to no CapEx outlay Simple implementation with no infrastructure modifications required ✓ Cost equivalent to fully-burdened $25/ hour full-time employee ✓ Immediate customer ROI due to multiples of productivity ✓ Eliminates technology obsolescence risk and software updates included as part of the overall service agreement Scalable next-gen labor force anticipated to enable flexibility with relevance in both strong and weak economies SARCOSⓇ#17TARGET INDUSTRIES AND CUSTOMERS LEAD PROSPECTIVE CUSTOMERS HAVE IDENTIFIED INITIAL NEEDS RANGING FROM 100-TO- 3,000 UNITS PER CUSTOMER REPRESENTATIVE TARGET CUSTOMERS BECHTEL INDUSTRIAL * BOEING CATERPILLAR * ADELTA* Dow Ford Hunter Link-Belt CRANES Manitowoc MORRISONE Utility Services KOMATSU QUANTA SERVICES, INC. RELIANCE STEEL ALUMINUM CO. ROSENBOOM Custom. Crafted. Cylinders. Schlumberger LOGISTICS 17 SARCOS PROPRIETARY * Publicly disclosed partner / investor C.H. ROBINSON DHL FedEx® Lineage PENSKE Logistics ups E-COMMERCE ITED Amazon americoLD FOOD SERVICES MENT Tyson DOD / GOVERNMENT OF THE MCM STATES Walmart E AIR AMERICA mla MEAT & LIVESTOCK AUSTRALIA UNITED STATES MARINE CORPS AL OPER ED STATE ATES RATION "We owe it to the best airline employees on the planet to explore how emerging technology can make their jobs safer and easier... That's why we sought out a partnership with Sarcos" - Gareth Joice, Delta Senior Vice President - Airport Customer Service and Cargo ADELTA* 6 Months Average expected sales cycle 36 Months Expected standard contract term contract length EXPECTED CUSTOMER JOURNEY AND TIMING Beta Unit Trials (2-4 weeks) Mid-2022 | Low Volume Commercial Pilots (2-6 units) Late 2022 / Early 2023 Scale Deployments Mid-2023 sAacos#18ILLUSTRATIVE PER UNIT ECONOMICS (6-YEAR SERVICE LIFE, AS OF 2026) REVENUE COST $600 ΧΟ DX / XT ($ in thousands) 18 SARCOS PROPRIETARY Cumulative REVENUE $360 Cumulative Setup Repair Amortization $175 Cumulative COST Setup Repair Amortization $90 Cumulative CASH FLOW Cash flow margin 71% Cash flow margin $425 Cumulative CASH FLOW 75% $270 Cumulative PAYBACK PERIOD -8 MONTHS PAYBACK PERIOD ~8 MONTHS sAacos#19SUFFICIENT LIQUIDITY FOR PATH TO COMMERCIALIZATION Unrestricted cash and equivalents on balance sheet ($ millions) $34 31-Dec-20 +610% 19 SARCOS PROPRIETARY 1) On September 30, 2021 $239 30-Sep-21 STRONG LIQUIDITY POSITION DUE TO BUSINESS COMBINATION Net proceeds from business combination and PIPE financing of $230 million Additional $2 million of restricted cash set aside for repayment of PPP loan that is expected to be forgiven Estimate the transaction will fully fund Sarcos' XO/XT initial rollout plan sAacos#20SHARES SUBJECT TO LOCKUP Shares not subject to lockup 18.3% 20 SARCOS PROPRIETARY Other stockholders 66.0% Shares subject to lockup 81.7% Old Sarcos Stockholders 34.0% LOCKUPS Sarcos current outstanding share count is 142.8 million. Owners include former Rotor I investors, PIPE investors and old Sarcos stockholders 81.7% of the outstanding shares are subject to some form of lockup restriction preventing their immediate sale ALIGNED INTERESTS Over a third of the fully diluted equity of Sarcos is held by current employees of Sarcos I Approximately 34% of the current Sarcos equity (stock, options, RSUS, RSAs) is subject to lock-up restrictions where 80% of these shares cannot be sold until the I earlier to occur of Sarcos shipping its first 20 Guardian XO/Guardian XT units or the second anniversary of the business combination We believe the lock-up restrictions align the interests of our employees and investors. sAacos#21① sacos Q&A LATRIN