Evolv SPAC Presentation Deck

Illustrative Valuation Methodology FUTURE ENTERPRISE VALUE Security Technology & Analytics IMPLIED CURRENT ENTERPRISE VALUE Security Technology & Analytics evolv technology $7.1B ~80% Evolv Discount to Midpoint $6.0B SECURITY TECHNOLOGY & ANALYTICS IMPLIED ENTERPRISE VALUE 8.0-10.0X 2025E REVENUE Discounted Back 4 Years @ 20% I $3.4B ~58% Evolv Discount to Midpoint $2.9B SECURITY TECHNOLOGY & ANALYTICS IMPLIED CURRENT ENTERPRISE VALUE IMPLIED CURRENT ENTERPRISE VALUE Disruptive SPACS $4.2B ~66% Evolv Discount to Midpoint $3.6B DISRUPTIVE SPACS IMPLIED CURRENT ENTERPRISE VALUE 6.0-7.0x 2025E REVENUE I evolv technology Initial pro forma valuation will be at a substantial discount to the various peer groups $1.3B EVOLV PRO FORMA ENTERPRISE VALUE 36

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