Nikola SPAC Presentation Deck

DEMONSTRATING SIGNIFICANT GROWTH AND PROGRESS ON VISION SINCE 2015 Total Truck Reservations Capital Raised in Calendar Year Trevor Milton founds Nikola 2015 Build-out of team, hired: - Chief Engineer Chief Designer - Battery Engineer N/A N/A Prototype of Nikola One Unveiled 2016 Signed sales and service agreement with Ryder Systems Ryder Ever better 7,900 FCEV $16M Series A @ $300M pre-money valuation UM Bosch co- development and strategic supply chain partnership established Over $500M raised to date to support commercialization of unique business model BOSCH 2017 Nel announced as sole equipment supplier for hydrogen stations nel. ~8,200 FCEV $44M Series B $900M pre-money valuation Signed binding agreement to provide Anheuser- Busch with up to 800 trucks ABInBev 2018 Signed Hydrogen Station Development agreement with Nel nel. ~14,000 FCEV $214M Series C @ $1.1B pre-money valuation NIKOLA VORLD Unveiled fully operational Nikola Two Alpha trucks at Nikola World; most advanced FCEV truck on the planet 2019 Entered North America production alliance and European joint venture with CNHI Iveco CNH IVECO Reservation book frozen; negotiating with strategic fleet partners for launch and pursuing binding contracts Secured $250M investment from CNHI Iveco as part of Series D representing a pre-money valuation of $3B

View entire presentation