Nikola Investor Day Presentation Deck

88 PAGE VTOMIN ILLUSTRATIVE H₂ VALUE CHAIN 2 Each Step in Value Chain Captures Profit as Molecule Moves from Production to Customer ILLUSTRATIVE PURPOSES ONLY; SUBJECT TO CHANGE PRODUCTION SPVS PRODUCTION REVENUE $$ PRODUCTION COST ($) PRODUCTION PROFIT + NIKOLA STRATEGIC & FINANCIAL PARTNERS LA $ 0000 NIKOLA ES&T "SUPPLY CO." REVENUE MOLECULE COST DISTRIBUTION COST "SUPPLY CO." PROFIT $$$$ ($$) ($) LA N NIKOLA 1100% OWNED/CONTROLLED DISPENSING SPVS DISPENSING REVENUE MOLECULE COST DISPENSING COST DISPENSING PROFIT + NIKOLA STRATEGIC & FINANCIAL PARTNERS Nikola "Supply Co" profit x kg H₂ dispensed $$$$$ ($$$$) ($) $ BUNDLED LEASE TOOL ~40% ~50% Implied $/kg CUSTOMER ~10% Allocated fuel portion of bundled lease NIKOLA

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