Xos SPAC Presentation Deck

Transaction Priced at a Deep Discount to Peer Multiples Implied EV: Apply a range of 1.1x - 4.1x multiples to CY24E Revenue of $2,970mm to arrive at an Implied Enterprise Value $12,248 $3,208 Implied EV 1.1x-4.1x CY24E Revenue Note: Based on selected commercial vehicle transaction comparables (Arrival, Lion, Nikola, Proterra and Workhorse).; market data as of February 19, 2021. -121% Premium -433% Premium $1,450 Transaction Value 0.5X CY24E Revenue -745% Premium Confidential and Privileged, Property of Xos, Inc. 39

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