Xos SPAC Presentation Deck

Absolute Enterprise Value at Attractive Entry Point Median: $2.5bn¹ $1.45 GF 2 Source: Investor Presentations. (7) Median excludes Xos. (2) Assumes implied enterprise valuation of $1,450mm. VALUATION METRICS Enterprise Value at Announcement (US$ in Billions) $5.4 41% Discount to Median ΑΓΓΙVΛΕ $3.3 NIKOLA MOTOR COMPANY $1.6 [a PROTERRA $1.5 4 LION ΝΑ WORKHORSE Confidential and Privileged, Property of Xos, Inc. 38

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