Nikola SPAC Presentation Deck

ANCHORED BY LANDMARK PARTNERSHIP WITH CNHI IVECO NNIKOLA CNİ CNI IVECO INDUSTRIAL WHO IS CNHI IVECO? One of World's Leading Capital Good Companies with Annual Revenue of $30B+ • CNHI's Iveco business is a leading truck, bus, and light commercial vehicle manufacturer in Europe, South America, and Asia with 175,000+ annual unit volume Currently the leader in CNG/LNG alternative propulsion for the European trucks market, complementary to investment in Nikola BEV and FCEV technology Announced plan to spin-off as an independent company in 2021 INVESTMENT SUMMARY CNHI Iveco's invested $250M in Nikola as part of Series D Round . - $100M cash investment - $150M investment in form of in-kind services related to North America engineering and production Announced September 3, 2019 ADDITIONAL DETAILS • CNHI Iveco engineers to embed with Nikola team to develop production-ready truck and leverage its expertise across all elements of the manufacturing process Nikola/CNHI Iveco product to be produced on dedicated lines within existing Iveco manufacturing facilities Partnership with CNHI Iveco significantly de-risks North America production execution and accelerates penetration of attractive European market PARTNERSHIP AND JV North America Engineering and Production Alliance (100% of N.A. Business Retained by Nikola) Significantly de-risks Nikola operational execution by leveraging the expertise and capabilities of one of the world's leading commercial vehicle manufacturers - CNHI Iveco to provide $150M of engineering and production to support bringing Nikola trucks to market Europe Joint Venture (50/50 Split) - Allows Nikola to accelerate penetration of attractive European addressable market while minimizing execution risk and optimizing Nikola management bandwidth . Nikola and CNHI's Iveco truck business to operate 50/50 joint venture leveraging Iveco's engineering expertise and existing production and sales/service footprint Significant potential financial contribution from joint venture is incremental to existing Nikola North America model KEY BENEFITS • Production alliance significantly de-risks truck manufacturing execution by providing: - Global license to the S-Way platform-the most recently introduced Class 8 truck in the world Ability to leverage existing parts bin and capture purchasing savings Access to engineering support Potential assembly capabilities Enables Nikola to enter significantly larger European market 1 CNHI delivered "175,900 vehicles in 2018; includes trucks, buses, light commercial, and specialty vehicles

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