Nikola Investor Day Presentation Deck

5 3 PAGE V1OXIN DISPENSING INCENTIVES Low Carbon Fuel Standard (LCFS) Credits generated through dispensing fuels produced with low carbon intensity (CI) 1) Depending on Production Technology Used & LCFS Credit Price CURRENT / POSSIBLE Hydrogen Biodiesel Renewable Diesel LOW CARBON FUELS 00⁰° Designed to reduce Cl of transportation fuel pool & increase use of low carbon and renewable alternatives H Bio-methane Potential Incentive Value: ~$0.94-$3.64 / kg(1) Ethanol Electricity Goal to reduce Cl of transport fuel 20% by 2030 Credits can be monetized by credit sales ($125-$200 $/MT LCFS recent range)

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