Xos SPAC Presentation Deck

Valuation Multiple At Attractive Entry Point Current EV Median: 3.2x 3 $1.45bn 0.5x 2 85% Discount to Median (2) Assumes implied enterprise value of $1,450mm. (3) Median excludes Xos. VALUATION METRICS Current CY24E EV / Revenue $4.1bn 4.1x F Source: Company filings, Bloomberg, Capital IQ and IBES median estimates as of February 19, 2021. (1) Workhorse and Nikola estimates based on IBES median estimates. WORKHORSE 1 $5.0bn 3.4x PROTERRA $8.5bn 3.2x NIKOLA (1) MOTOR COMPANY $4.0bn 1.1x LION $15.3bn 1.1x ΑΓΓΙVΑL Confidential and Privileged, Property of Xos, Inc. 37

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