Nikola SPAC Presentation Deck

ROBUST BLUE CHIP DEMAND FOR A ZERO EMISSIONS TRANSPORTATION SOLUTION SUMMARY OF FCEV TRUCK RESERVATIONS PRIOR TO BOOK ADDITIONAL RESERVATIONS DETAIL FREEZE IN FALL 2019 # OF TRUCKS . FCEV reservation book frozen; negotiating with strategic fleet partners to convert pre-orders to binding contracts with deposits for initial FCEV rollout Other Fleets with at least 100 Trucks Reserved 1,500 10% . All Other Reservations Holders ~5,300 36% TOTAL 14,602 FCEV TRUCKS -$10.2B REALIZABLE VALUE Large Equipment Providers ~500 4% Large U.S. Fleet Owner ~5,000 34% AB Inbev 800 6% Large Truck Leasing Companies 1,500 10% Nikola has over 14,000 FCEV truck pre-orders, with robust demand for newly introduced BEV truck AB Inbev pre-order for 800 trucks represents a binding order Majority of FCEV reservations (~50%) reflect large corporate customers with investment grade credit ratings • Nikola BEV demand: following unveiling of Nikola BEV truck in Fall 2019, company has been engaged with potential strategic customers Discussion focused on multi-thousand truck pre-orders with binding contracts with significant deposits 12 months prior to delivery Robust BEV demand projected to fill first 2 -3 years of production FCEV demand equally robust, with reservation book projected to fill first 2+ years of production THEMES DRIVING DEMAND Commercial vehicle purchasing decision driven by Total Cost of Ownership (TCO) of vehicle, including cost of truck, fuel, and maintenance Nikola's unique FCEV Bundled Lease model ensures TCO cost parity with diesel as well as TCO consistency and predictability for fleet operators Corporations are increasing focus and efforts to reduce greenhouse emissions in their value chains Coca-Cola Carrefour Walmart ups |pepsi amazon

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