Important Information and Where to Find It In connection with the proposed merger, Pivotal has filed with the Securities and Exchange
Commission (“SEC”) a registration statement on Form S-4, which includes a definitive proxy statement that was distributed to Pivotal’s stockholders in connection with Pivotal’s solicitation
of proxies for the vote by Pivotal’s stockholders with respect to the merger and certain of the transactions contemplated by the merger agreement, as well as other matters that are described in the registration statement, and a final prospectus
relating to the offer and sale of the securities of Pivotal common stock to be issued in the merger. INVESTORS AND SECURITY HOLDERS OF PIVOTAL AND XL FLEET ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS, AND OTHER RELEVANT DOCUMENTS
THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS. Investors and security holders can obtain free copies of the definitive proxy statement/prospectus and other
documents containing important information about Pivotal and XL Fleet through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by Pivotal can be obtained free of charge on Pivotal’s website at
www.pivotalic.com or by directing a written request to Pivotal Investment Corporation II, c/o Graubard Miller, 405 Lexington Avenue, 11th floor, New York, New York 10174. The information contained on, or that may be accessed through, the websites
referenced in this press release is not incorporated by reference into, and is not a part of, this press release. Participants in the Solicitation Pivotal, XL Fleet and certain of their respective directors and executive officers may be deemed
participants in the solicitation of proxies from the stockholders of Pivotal in favor of the approval of the business combination and related matters. Stockholders may obtain more detailed information regarding the names, affiliations and interests
of certain of Pivotal’s executive officers and directors in the solicitation by reading Pivotal’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and the definitive proxy
statement/prospectus and other relevant materials filed with the SEC in connection with the business combination. Information concerning the interests of Pivotal’s participants in the solicitation, which may, in some cases, be different than
those of their stockholders generally, are set forth in the definitive proxy statement/prospectus relating to the business combination. No Offer or Solicitation This communication does not constitute an offer to sell or the solicitation of an offer
to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other
jurisdiction. Forward Looking Statements The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and
Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release regarding XL Fleet’s new product offerings, the proposed business
combination, including Pivotal’s ability to consummate the transaction, the anticipated timing of the closing of the business combination and benefits of the transaction, and the combined company’s future financial performance, as well as
the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management, are forward-looking statements. Forward-looking statements are
inherently subject to risks, uncertainties and assumptions. These statements may be preceded by, followed by or include the words “anticipates,” “believes,” “estimates,” “expects,” “projects,”
“forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or similar expressions. Such forward-looking statements involve
risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed in Pivotal’s Annual Report on Form 10-K for the year ended December 31, 2019 under Risk Factors in Part I, Item 1A and in Pivotal’s Quarterly Reports on Form 10-Q for the quarters ended June 30,
2020 and September 30, 2020 and in the definitive proxy statement/prospectus. These risk factors will be important to consider in determining future results and should be reviewed in their entirety. These forward-looking statements are
expressed in good faith, and Pivotal and XL Fleet believe there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved.
Forward-looking statements speak only as of the date they are made, and neither Pivotal nor XL Fleet is under any obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a
result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports, which Pivotal has filed or will file from time to time with the SEC. In addition to factors
previously disclosed in Pivotal’s reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or
historical performance: the parties’ ability to meet the closing conditions to the merger, including approval by stockholders of Pivotal and XL Fleet on the expected terms and schedule and the risk that regulatory approvals required for the
merger are not obtained or are obtained subject to conditions that are not anticipated; delay in closing the merger or the PIPE Offering; failure to realize the benefits expected from the proposed transaction; the effects of pending and future
legislation; risks related to disruption of management time from ongoing business operations due to the proposed transaction; business disruption following the transaction; other consequences associated with mergers, acquisitions and divestitures
and legislative and regulatory actions and reforms; risks associated with XL Fleet’s business, including the highly competitive nature of XL Fleet’s business and the market for hybrid electric vehicles; litigation, complaints, product
liability claims and/or adverse publicity; cost increases or shortages in the components necessary to support XL Fleet’s products and services; the introduction of new technologies; privacy and data protection laws, privacy or data breaches, or
the loss of data; and the impact of the COVID-19 pandemic on XL Fleet’s business, results of operations, financial condition, regulatory compliance and customer experience.