Elms SPAC Presentation Deck

Urban Utility Expected to Draw Share from Class 2 and Class 3 ~25% ELMS Volume From Class 2 Class 2 Vehicles Avg Cargo Volume: 240-500 cu. ft. Avg Price: $30k - $44k Same Price + More Space 400-600 cu. Ft. ELMS HM. Urban Utility $35,000 ELMS ~75% ELMS Volume From Class 3 +13% Acquisition Cost Savings ELMS Class 3 Vehicles Avg Cargo Volume: 450-750+ cu. ft. Avg Price: $40k - $50k Source: Public sources. Price of ELMS vehicles net of $7,500 Federal Tax Credit. Urban Utility specifications based on current designs. Volume distributions based on management estimates. Price and cargo space estimates based on publicly available competitive data and management estimates. 19 ELECTRIC LAST MILE SOLUTIONS

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