Nikola SPAC Presentation Deck

VALUATION BENCHMARKING NIKOLA METRICS DO NOT INCLUDE POTENTIAL INCREMENTAL UPSIDE FROM 50/50 EUROPE JV EV / REVENUE 2020E FOR PEERS (X) 11.1 24 I 1.0 0.6 2022E 2023E L2024E | 2025E NIKOLA EV / EBITDA 2020E FOR PEERS (X) 15.6 5.0 NM NM 2022 2023 2024 2025E NIKOLA Median: 3.4x 600+ 26.4 3.4 TESLA TESLARNIO 2.7 NM NM NIO 14.8 Median: 8.3x 12.4 Median: 55.0x 67.7 POWER nel BALLARDW Deloominergy Future Transportation Peers PLUG Boom Current "$3Bn valuation implies a 1.0x 2024E revenue multiple, well below future transportation peers current valuation level 42.2 1.9 NM NM BALLARD nel Fuel Cell Technology Peers 0.6 Median: 0.5x 7.0 0.5 PACCARNAVISTAR Median: 5.0x 5.9 PACCARNAVISTAR 0.5 0.2 TRATON 1.7 TRATON Market data as of March 27, 2020 1. Future Transportation Peers include NIO (NIO), Tesla (TSLA), and Virgin Galactic (SPCE) 2. Fuel Cell Technology Peers Include Ballard (BLDP), Bloom Energy (BE). Nel (NEL), and Plug Power (PLUG) 3. Commercial Vehicle Pees include Navistar (NAV), PACCAR (PCAR). Traton (STRA) and Volvo (VOLV B); EV and EBITDA adjusted for captive finance segment and pension OPEB labites Commercial Vehicle Peers 37

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