Nikola SPAC Presentation Deck

... ANCHORED BY LANDMARK PARTNERSHIP WITH CNHI IVECO NIKOLA/ CNH IVECO INDUSTRIAL WHO IS CNHI IVECO? One of World's Leading Capital Good Companies with Annual Revenue of $308+ • 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 & 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 CNH delivered "175,900 vehicles in 2018; includes trucks, buses, light commercial, and specialty vehicles

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