Xos SPAC Presentation Deck

Forecasted Operating Metrics at Premium to Peers CY24E REV. GROWTH 177% 147% 119% 117% 73% 72% 117% ΑΓΓΙVAL GF NIKOLA MOTOR COMPANY 4 LION 1 PROTERRA WORKHORSE Median ² FORECASTED OPERATING METRICS CY24E GROSS MARGIN 30% 26% 20% 18% 18% ΝΑ 19% ΑΓΓΙVAL PROTERRA WORKHORSE 1 NIKOLA MOTOR COMPANY 4 LION Median ² Source: Company filings, Bloomberg, Capital IQ and IBES median estimates as of February 19, 2021. Note: Revenue growth represents 2023E to 2024E projected revenue growth. Statistics exclude stock-based compensation, amortization of intangibles and one-time charges. (1) Workhorse and Nikola estimates based on IBES median estimates. (2) Median excludes Xos. CY24E EBITDA MARGIN 23% 21% 20% 13% 9% (0%) 13% ΑΓΓΙVAL F 4 LION PROTERRA WORKHORSE NIKOLA MOTOR COMPANY Median ² 1 Confidential and Privileged, Property of Xos, Inc. 36

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