Arrival SPAC Presentation Deck

FINANCIALS AND TRANSACTION OVERVIEW Enterprise value benchmarking (based on current market pricing) ENTERPRISE VALUE / SALES Assumed EV of $5.39B 1.1x 2023E ΑΓΓΙVAL 0.4x 2024E Assumed EV of $5.39B 4.9x 2023E 1.7x 2024E ΑΓΓΙVAL 2.3x INVESTOR PRESENTATION 2023E I I 1.3x CANO 0 NM 2023E I 2024E I 1 10.1x 2024E I CANO 0 I 0.6x - 2023E 4.9x 2023E 0.2x 2024E 1.1x 2024E 3.1x 2023E 14.7x 1.5x ⒸHYLIION 2023E 2024E 5.2x 2024E 0.6x 2023E LORDSTOWN 0.4x 2024E 7.6x 2023E 3.8x 2024E 4.6x 2023E LORDSTOWN 2.3x ENTERPRISE VALUE / EBITDA 2024E NIKOLA MOTOR COMPANY NM 2023E NM 2024E 3.8x NIKOLA MOTOR COMPANY 2023E WORKHORSE 36.2x 1.9x 2023E 2024E 15.5x 2024E L WORKHORSE 2.0x 2023E 11.1x 0.9x XLFleet 2023E 2024E 4.2x 2024E ΑΓΓΙVAL 2023E 2024E ΑΓΓΙVAL 2023E Implied enterprise value Median multiple 2.3x 2024E 1.3x Implied discount to 2024E median EV Implied 2024E money multiple upside¹ Arrival revenue Median multiple 11.1x $5,099M 4.7x $14,135M Arrival EBITDA $3,243M Implied discount to 2024E median EV Implied 2024E money multiple upside¹ $1,115M EV Implied enterprise value $11.6B $18.9B 71% 3.5x EV ⒸHYLIION XLFleet | Source: Canoo, Fisker, Hyliion, Lordstown, Nikola, Workhorse and XLFleet market data as of November 6, 2020. Arrival, Canoo, Fisker, Hyliion, Lordstown, and XLFleet Sales and EBITDA per management estimates. Nikola Sales and EBITDA per research consensus. Canoo EV based on Hennessey Capital Acquisition Corp (NASDAQ:HCAC), XLFleet EV based on Pivotal Investment Corp. II (NYSE: PIC). Note: Arrival financial data converted via spot Euro to USD exchange rate as of Aug 17, 2020 of 1.1863. Multiples <0.0x or >75.0x deemed not meaningful or "NM". (1) Implied Money Market Multiple Upside calculated using Implied Enterprise Valuations based on median 2024E Revenue and EBITDA multiples. $12.4B $15.4B 65% 2.9x 43 CONFIDENTIAL - ARRIVAL SARL

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