Nikola SPAC Presentation Deck

SINGLE FCEV TRUCK LEASE UNIT ECONOMICS PROJECTED CASH GENERATED PER TRUCK LEASE $665,000 LEASE REVENUE $188,174 $230,637 $46,760 TRUCK TOTAL SERVICE, MATERIALS & FUELING COST MAINT. AND LABOR OTHER $26,365 $173,064 STATION CASH PER CAPEX PER TRUCK LEASE LEASE Each individual FCEV truck lease is anticipated to have steady cash generation over the life of the lease Projected Nikola Lease Model Economics) Gross Revenue Materials Labor-direct and indirect Warranty Expense @ 3.0 % of Truck Revenue Truck Cost Nikola Cost per kg of Hydrogen x kg of Hydrogen used over 700,000 miles @ 7.5 Miles/kg Hydrogen Cost Per Truck Lease Service & Maintenance Cost @ $0.067/Mile Total Service & Maintenance Cost Total Cost of Nikola Lease Vehicle Profit Per Nikola Lease (Before Corporate G&A) Vehicle Profit Margin Station CapEx per Lease(4) Cash Generated per Truck Lease) 1. Analysis does not include potential financing charges that may be incurred to securitize and monetize some portion of the Nikola lease 2. Hydrogen fuel cost includes all hydrogen station related operating expenses including electricity costs, water costs, station personnel cost, and hydrogen station maintenance 3. Vehicle profit presented before corporate general and administrative expenses 4. Assumes each station has a 21-year useful life and supports 210 truck leases during each 7-year lease period 5. Does not include any potential upside from truck residual value at the end of the lease $665,000 $173,624 7,500 7,050 $188,174 $2.47 93,333 $230,637 $46,760 $46,760 $465,571 $199,429 30.0% 1 $26,365 $173,064

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