Nikola SPAC Presentation Deck

EXPECTED NET WORKING CAPITAL REQUIREMENTS NET WORKING CAPITAL CONSIDERATIONS NWC DESCRIPTION NWC EXCL. INVESTMENT IN LEASES EXPECTED DEVELOPMENT - BEV sold directly, but for FCEV lease in addition to traditional working capital items, Nikola's NWC includes "net investment in leases" as the lease revenue is spread over the leasing period of 7 years • Net investment in leases comprises the total amount of lease revenue allocated to FCEV truck, net of cash payment received in current year (i.e. 1/7 of -$235K as lease commences). Hence, the remaining 6/7 of lease value is allocated to net investment in leases (split between current and long-term assets) As such NWC is expected to increase in line with annual FCEV volume growth • NWC excluding investment in leases expected to be around 13-14% of revenues in 2021 and 2022 NWC excluding investment in leases expected to be around -4% of sales when production plants reach full capacity Note: 1. Cesh flow from net investment in lease expected within one year 2. Cash flow from net investment in lease not due within one year Nikola's net working capital is expected to be driven by FCEV lease sales Total NWC 2020 expected to be between ($8M) and ($10M) 2020 CA CL REMAINING WORKING CAPITAL ASSETS NET INVESTMENT IN LEASES REMAINING WORKING CAPITAL LIABILITIES NWC EXCLUDING INVESTMENT IN LEASES AS % OF REVENUE -13% 2021 -14% 2022 ILLUSTRATIVE PURPOSES ONLY; ACTUALS MAY VARY

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