REE SPAC Presentation Deck

REE and 10X Combine to Create the Cornerstone of Electric Mobility Highly differentiated from other EV offerings in the market Transaction Structure On February 3, 2021, REE and 10X entered into a business combination agreement Transaction is expected to close by end of Q2 2021 It is anticipated that the post-closing company, REE, will be listed on Nasdaq - - Valuation Transaction implies a fully distributed pro forma enterprise value of $3.1 billion, representing multiples of 0.6x EV / 2025E revenue and 3.5x EV / 2025E EBITDA¹ Highly attractive entry point relative to EV ecosystem Capital Structure Transaction is expected to result in $501 million of total gross proceeds raised to fund growth²,3 Based on $201 million in cash from 10X's trust account and a $300 million PIPE Transaction expected to fully fund business model through cash flow positive All-primary transaction; existing REE shareholders, including management, are rolling all their equity and collectively are expected to own 83.8% of the pro forma company at closing² - - - Co-founders to hold 10x voting Class B ordinary shares granting each up to 39% voting power in the company (assuming no redemptions) RBE Confidential and Proprietary Information (1) (2) (3) These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. Metrics that are considered non-GAAP financial measures are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures. For more information about non-GAAP financial measures, see slide 3 Assumes no redemption by 10X Capital's existing stockholders Does not include fees and expenses ** 4

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