REE SPAC Presentation Deck

Pro Forma Equity Ownership Sources & Uses 1,2 $ in Millions 10X Capital Trust³ Rollover Equity PIPE Total Sources Cash to Balance Sheet Rollover Equity Fees & Other Transaction Expenses Total Uses - $4365 $3,000 $65 $3,501 All REE preferred and common equity holders will receive stock in public company Proceeds from transaction will be used to capitalize balance sheet for $436 million, net of $65 million estimated transaction related fees and expenses REE will use proceeds to primarily fund: Build out of strategic network of integration centers globally CapEx for machinery and tooling and R&D engineering centers Working capital to support increasing production demand Co-founders to hold 10x voting Class B ordinary shares granting each up to 39% voting power in the company (assuming no redemptions) RBE Sources Confidential and Proprietary Information Uses (1) (2) (3) (4) $201 $3,000 $300 $3,501 Pro Forma Valuation4 Share Price Pro Forma Shares Outstanding (Millions of shares) Equity Value Plus: Debt Less: Cash on Balance Sheet Enterprise Value Pro Forma Post Money Ownership4 % / Millions of shares Based on REE capital structure Assumes no redemption from the public shareholders of 10X Cash in Trust value at December 21, 2020 Values shown assuming $10 per 10X share; does not include 10.1 and 5.5 million public and sponsor out of the money warrants (5) (6) Existing REE Shareholders 83.8% / 300.0 10X Shareholders 5.6% / 20.1 10X Sponsor Shares (6) 2.2% / 7.9 C PIPE Investors 8.4% / 30.0 Exclusive of REE's cash contribution Sponsor stake equivalent to 7.9 million shares of Class A shares, from which 1.5 million shares are subject to forfeiture upon the happening of certain events $10.00 358.1 $3,581 $4365 $3,144 37

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