SPEAR Investments I B : Investor Presentation - August 2023

A fast-growing B2B electric vehicle player with proven track record

Investor Presentation

August 2023

Disclaimer (i)

THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND SUBJECT TO CERTAIN LIMITED EXCEPTIONS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL OR IN VIOLATION OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION. THIS PRESENTATION IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OR AN INVITATION TO BUY OR SELL SECURITIES. THE INFORMATION IS PROVIDED FOR THE EXCLUSIVE USE OF THE SELECTED PERSONS TO WHOM IT IS ADDRESSED. PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES SHOULD INFORM THEMSELVES ABOUT, AND OBSERVE, ANY SUCH RESTRICTIONS.IMPORTANT: Please read the following before continuing. "QEV", "we", "our", "us" and "the Group" refers to (i) QEV Technologies, S.L. ("Company") and its subsidiaries for the period up until completion of the contemplated business combination between the Company and SPEAR Investments I BV ("SPEAR") (the "Business Combination"); and (ii) the Company and its subsidiaries together with SPEAR for the period following completion of the Business Combination. SPEAR has shares and warrants listed on Euronext Amsterdam. This document has been prepared by the Company for background purposes. No reliance may be placed for any purpose on this document or its accuracy, fairness or completeness and, save in the case of fraud, no responsibility or liability is accepted by any person for any loss, cost or damage suffered or incurred as a result of the reliance on such information. This document has been given in conjunction with an oral or video presentation to investors and should not be taken out of context. This document is not intended to form the basis of any contract.

This document does not constitute or form part of, and should not be construed as any advertisement or marketing material, any offer or invitation to sell or issue, any offer or inducement or invitation or commitment to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any shares in the Company or securities in any other entity in any jurisdiction, and no party accepts any responsibility whatsoever, makes or gives any representation or warranty or other assurance, express or implied, for the contents of this document, including its accuracy, completeness or verification or for any other statement made or purported to be made in connection with the Group and/or SPEAR, nor shall this document or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. In addition, no duty of care or otherwise is owed by any person to recipients of this document or any other person in relation to this document. Recipients of this document should conduct their own investigation, evaluation and analysis of the business, data and property described in this document.

The respective advisors of the Company and SPEAR are acting exclusively for the Company and SPEAR, respectively, and no one else in connection with any business combination. None of the advisors will regard any other person (whether or not a recipient of this document) as a client with respect to any business combination and will not be responsible to anyone other than SPEAR and the Company for providing the protections afforded to their respective clients or for providing advice in relation to any transaction, matter or arrangement referred to in this document. This document is not intended to provide, and should not be relied upon for accounting, legal, investment, business or tax advice nor does it constitute a recommendation regarding any transaction. You should consult your own attorney, accountant, business advisor and tax advisor for legal, investment, business, tax and accounting advice regarding any of the proposed transactions. In no circumstances will the Group, SPEAR, their respective advisors or any of their respective subsidiary undertakings or affiliates, directors, officers, partners or employees be responsible for any costs or expenses incurred by any recipient in connection with the appraisal or investigation of the Company, SPEAR and/or any related entity or arising out of the evaluation of Information contained in this presentation. By accepting this document, you confirm that you are not relying upon this document contained herein to make any decision. The document and any opinions contained herein are provided as at the date of publication of this document and are subject to change without notice. In publishing this document, none of the Company, SPEAR, their respective advisors") nor any of their respective subsidiary undertakings or affiliates, directors, officers, partners or employees undertake any obligation to provide the recipient with access to any additional information or to update this document, or to correct any inaccuracies in this document, including any data or forward- looking statements. This document does not purport to be full or complete and does not purport to contain the information that would be required to evaluate the Company, SPEAR, their financial position and/or any investment decision. To the fullest extent permitted by law, none of the Company, SPEAR or their respective advisors nor any of their respective subsidiary undertakings or affiliates, directors, managers, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for (whether in contract, tort or otherwise) or makes any representation, warranty or undertaking, express or implied, as to the truth, fullness, fairness, accuracy or completeness of this document (or whether any information has been omitted from it) or any other information or opinion relating to the Group and/or SPEAR, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this document or otherwise arising in connection therewith. None of the Company's and SPEAR's respective advisors, nor any of their respective subsidiary undertakings or affiliates, or their directors, officers, employees, advisers or agents have independently verified the data contained herein.

INDUSTRY AND MARKET DATA

This document contains statistics, data and other information relating to markets, market sizes, market shares, market positions and other industry data pertaining to the Company's business and markets. To the extent available, the industry, market and competitive position data contained this document come from official or third-party sources, which may or may not be publicly available. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company reasonably believes that each of these publications, studies and surveys has been prepared by a reputable party, neither the Company, SPEAR nor their respective advisors nor any of their respective subsidiary undertakings or affiliates, or their respective directors, managers, officers, employees, advisers or agents have independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in this document come from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the markets in which the Company operates, and the Company's analysis and best estimates which are in turn based upon multiple third-party sources. While the Company reasonably believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in the Information. This document does not purport to be comprehensive. This document contains references to certain third-party brand names, trademarks, service marks, trade names and copyrights of the Company, SPEAR and other companies, which are the property of their respective owners.

Q E V T E C H N O L O G I E S

2

Disclaimer (ii)

FINANCIAL DATA

Certain financial data included in this document consists of "non-lFRS financial measures", which may not be comparable to similarly-titled measures as presented by other companies, nor should they be considered as an alternative to the historical financial results or other indicators of the Company's cash flow based on IFRS. Even though the non-lFRS financial measures are used by management to assess the Company's financial position, financial results and liquidity and these types of measures are commonly used by investors, they have important limitations as analytical tools, and the recipients should not consider them in isolation or as a substitute for analysis of the Company's financial position or results of operations as reported under IFRS. Certain figures contained in this document, including financial information, have been subject to rounding adjustments. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this document may not conform exactly to the total figure given.

USE OF PROJECTIONS

This document contains estimated or projected information including financial information with respect to the Company, including the Company's projected revenue for the years ending 31 December 2023, and 2027, and Gross Profit and EBITDA margin. Such estimated or projected financial targets and objectives represent the Company's and SPEAR's expectations in respect of these financial measures for the periods indicated. These financial targets and objectives constitute forward-looking statements and are for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such estimated or projected financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See "Forward-Looking Statements" below. Actual results may differ materially from the results contemplated by the estimated or projected financial information contained in this document, and the inclusion of such forward-looking statements in this document should not be regarded as a representation by any person that the results reflected in such estimates and projections will be achieved. Neither the Company's nor SPEAR's independent auditors have audited, reviewed, studied, compiled, or performed any procedures with respect to the estimates or projections for the purpose of their inclusion in this document, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this document.

FORWARD-LOOKING STATEMENTS

This document includes statements, including financial and operational objectives regarding the Company together with SPEAR for the period from completion of the Business Combination (the "Combined Company") that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "predicts", "assumes", "potential", "annualized", "forecasts", "anticipates", "expects", "intends", "aims", "targets", "seeks", "continues", "could", "can have", "likely", "would", "may", "might", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Past performance of the Company and SPEAR cannot be relied on as a guide to future performance of the Combined Company. Any forward-looking statements reflect the Company's and/or SPEAR's current view and expectations with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Combined Company's, the Company's and/or SPEAR's business, results of operations, financial position, liquidity, prospects, growth or strategies, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's and SPEAR's records (and those of their affiliates) and other data available from third parties. Although each of the Company and SPEAR believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. As a result, undue influence should not be placed on any forward-looking statement.

NO OFFER OR SOLICITATION

This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Subject to certain limited exception, this document is not for publication or distribution, directly or indirectly, in or into the United States. This document does not constitute an offer of securities for sale into the United States. Any securities referred to in this document and herein have not been, and are not intended to be, registered under the US Securities Act of 1933, as amended (the "Securities Act") or under the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the applicable securities laws of any state or other jurisdiction of the United States. There will be no public offer of the securities of the Company in the United States.

The contemplated Business Combination is expected to be made for the securities of a foreign company. The offer is subject to disclosure requirements of a foreign country that are different from those of the United States. Financial statements included in the document, if any, have been prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies.

In the event of the Business Combination, it may be difficult for you to enforce your rights and any claim you may have arising under the US federal securities laws, since SPEAR is located in a foreign country, and some or all of its officers and directors may be residents of a foreign country. You may not be able to sue a foreign company or its officers or directors in a foreign court for violations of the US securities laws. It may be difficult to compel a foreign company and its affiliates to subject themselves to a US court's judgment.

You should be aware that SPEAR may purchase securities otherwise than under the Business Combination, such as in open market or privately negotiated purchases.

The release, publication or distribution of this document in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which they are released, published or distributed, should inform themselves about, and observe, such restrictions.

Q E V T E C H N O L O G I E S

3

Leadership Team with Decades of Automotive Experience

• +20Y experience in electric mobility and the developer of the first solar vehicle in Spain
• In 2006, he founded the motorsport company SUNRED and created the SR21 and SRX (most powerful electric GT at that time)

JOAN ORUS

CEO & Co-founder

• +20Y experience in strategy consultancy and as CFO of a major investment management business (Atitlan)

ANTONIO RODRÍGUEZ

CFO

• +10Y experience in automotive engineering, currently focused on QEV's strategy
• Former Senior Stress Engineer in Renault Sports Racing and Sahara Force India F1 Team

POL SANCHO

CSO

O t h e r k e y p e o p l e a t Q E V

K e y p e o p l e a t D - H U B ( F a c t o r y )

• +20Y experience in e-mobility and motorsport, with strong engineering and technology focus
• Expertise in developing engines and electric powertrain

JUAN FERNÁNDEZ

CTO & Co-founder

• +23Y experience in Auto industry, being a former Senior Manager at Applus IDIADA
• Extensive knowledge in vehicle durability testing and project management

OSCAR CARRASCO

COO

CARLOS SOLER

CFO at D-HUB

• +25Y of experience in multinationals and SMEs companies, appointed as CFO for the D-HUB
• Former CFO in IVECO East Europe and IPO experience in BME-SIX Growth

• +40Y experience in business development of automotive & industrial equipment
• Leading commercial efforts within the eMobility division of QEV

• +12Y experience managing teams and industrial projects
• Leading the implementation of the product portfolio for QEV's commercial efforts

• +25Y of experience in Nissan factory in Zona Franca, currently in charge of Production Engineering for the D-HUB

• Former Manager in charge of Production and Assembly

JOSE RAMÓN VEIGA	EMILIO GARCÍA
Director of eMobility	Market & Commercial
Division	Manager of eMobility
Q E V T E C H N O L O G I E S	Division

RICARD CALONGE

Director of Production

Engineering at D-HUB

4

QEV Combines Technology and Know-How, Advanced and Proven Production Facilities, a Competitive Product Portfolio and Committed Orders

Today	2023: ownership evolution to become
Amsterdam-listed EV business

€60-80 MM revenues expected in 2023 with more than €55 MM in committed orders and €280 MM in pipeline1 under LOI

2023	Selected with engineering partner as long-term	Successfully acquired tenancy of advanced and proven free
tenant of former Nissan vehicle facility2	trade zone facility and machinery vs strong competition
	B2B fleet-focusedportfolio - sales to date validate market opportunity to provide	c.300 vehicles
	customised fleet proposition and serve major corporates' ESG requirements	on the road
2020	Creation of light commercial vehicle and electric bus business focused on
fleets - highly competitive portfolio in terms of price and performance
Founded	Leading electric vehicle technology from c. 10 years of electric motorsport history
2013

180,000

VEHICLES/YEAR

>2 MM Kms

driven

QEV's competitive advantages are delivering fast growth in the electric light commercial vehicle and bus markets

Q E V T E C H N O L O G I E S

1. Unweighted revenue from LOIs signed to contribute to revenues both in 2023 and 2024
2. QEV, via D-HUB(60%-40% JV with BTech) is the new tenant of Nissan's former factory and will acquire Nissan's assets in order to restart manufacturing activity

5