REE SPAC Presentation Deck

Valuation Benchmarking EV / Revenue (x) 1.2 RBE RBE 2024E 2025E EV / EBITDA (x) 11.4 RBE 2024E 0.6 RBE 3.5 RBE 2025E 0.3 RBE 2026E 1.8 RBE 2026E Confidential and Proprietary Information 2024E EV / Revenue WORKHORSE 4.7 2024E EV / EBITDA 1 T 17.0 CANDO I 3.0 NIKOLA 10.1 2.2 CANDO- 8.7 I WORKHORSE XLFleet Emerging EV Platforms ¹,2 1.9 XLFleet 7.0 LORDSTOWN. Median: 1.3x 1.3 ⒸHYLIION Median: 6.9x 6.7 THE LION ELECTRIC CO 1.3 THE LION ELECTRIC CO 5.5 1.2 * ΑΓΓIVAL 5.2 * ΑΓΓΙΥΛΕ 0.9 FIN 4.7 ⒸHYLIION 0.7 LORDSTOWN. NM NIKOLA Source: Capital IQ as of February 1, 2021 (1) All financial projections for emerging EV platforms are per management at SPAC deal announcement except for Fisker, Nikola, and Workhorse 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 (2) Established EV Platforms 2024E EV / Revenue Median: 7.8x 9.0 TESLA 2024E EV / EBITDA 6.6 Median: 70.2x 93.3 NIO NIO 47.1 TESLA 39

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