Nikola SPAC Presentation Deck

OVERVIEW OF FCEV LEASE SECURITIZATION CASH FLOW STRUCTURE FROM SECURITIZATION Initial cash flow (loan, -$160K) from lenders channeled through SPV to Nikola as securitized FCEV lease Truck lessees make monthly lease payments into SPV Cash flow from leases used to cover hydrogen and maintenance cost relating to securitized leases Cash flow from leases used for monthly interest and amortization of initial loan (-$160K per lease) Residual cash flow channeled to Nikola per month EXPECTED FINANCING CONDITIONS AND COSTS SECURITIZATION LOAN PER LEASE -$160K LOAN DURATION -7 YEARS ANNUAL INTEREST RATE -7% ADEQUATE COVERAGE 70% LTV; 1.7X DSCR Nikola is expected to securitize FCEV leases to receive an initial cash inflow of ~$160K per lease SECURITIZATION STRUCTURE Monthly lease payments Collateral Monthly debt service Monthly residual cash flow Originate/ service LEASES TRUCK LESSEES LENDERS Up front cash proceeds NIKOLA MOTOR COMPANY SPECIAL PURPOSE VEHICLE ILLUSTRATIVE PURPOSES ONLY; ACTUALS MAY VARY Up front cash proceeds Monthly expenses HYDROGEN FUEL NIKOLA BANK ACCOUNT Mgmt. contract MAINTENANCE NIKOLA TRUCKS

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