Polestar SPAC Presentation Deck

EBITDA, $mn Net income (+)Income Tax EBIT (+) Depreciation & Amortization EBITDA Free Cash Flow, $mn EBITDA (+) Change in NWC (+) Cash Taxes (+) Total Capex Free Cash Flow Appendix Reconciliation of financials 2021E (1,020) 0 (960) 270 (700) 2021E (700) (170) 0 (670) (1,590) (+) Payables Equitisation¹ Adjusted Free Cash Flow (1,590) Note: EBIT, EBITDA and Free Cash Flow are non-GAAP financial measures and should not be considered in isolation or as alternatives to measures derived in accordance with GAAP. Financials rounded to the closest $10mn. 1. Estimated projected related party payables and related party accrued liabilities balance of ~$650mn at transaction close, net of -$500mn payables equitisation. Source: Management estimates. 0 2022E (670) 0 (600) 180 (430) 2022E (430) (600) 0 (590) (1,670) 500 (1,170) 2023E (40) 30 310 340 2023E 340 (160) 0 (550) (440) 0 (440) 2024E 610 690 460 1,160 2024E 1,160 (340) 0 (700) 40 0 40 2025E 1,560 1,590 550 2,140 2025E 2,140 (120) 0 (660) 1,340 0 1,340 43

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