Xos SPAC Presentation Deck

The Xos Opportunity Robust Investment Selection Process Led to Identification of Leading EV Opportunity INVESTMENT CHANNEL PRIVATE COMPANIES IN INDUSTRIAL AND HEALTHCARE SECTORS 300+ TARGETS screened across sectors 30+ TARGETS evaluated across sectors 8 TARGETS evaluated in EV and automotive technology SECULAR GROWTH STORY SIGNIFICANT TAM STRONG COMPETITIVE POSITION TALENTED MANAGEMENT TEAM NEXTGEN VALUE ADD F XOS OPPORTUNITY $100B TAM¹ for Commercial Vehicles E-commerce growth and regulations driving a new mobility ecosystem. Compelling ESG Opportunity with Strong Revenue Growth Predicted to save 49 megatons of CO₂ through projected vehicle deliveries made by 2025. Proven Vehicles on the Road Commercial vehicle in use since 2018. Foundational Customers & Partnerships Premier contracted customers and aftermarket partners. Industry-Leading Total Cost of Ownership Vehicles are highly competitive against ICE equivalents and peers on an unsubsidized basis. Highly Capable Management Team Founder-driven management team with deep industry expertise and commitment to Xos mission. NextGen Value Add Operational and governance experience, industry expertise, and customer/partner relationships. (1) Source: LMC Automotive. TAM reflects Xos assumed average selling price applied to medium-duty and 20% of heavy-duty commercial truck sales assumed to be used for last mile Confidential and Privileged, Property of Xos, Inc. applications and excludes China. 5

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