#1Investor Presentation December 2023 LION ELECTRIC LIONE EASTF LION6 LION6 ELIONE SCHOOL BUS LIONCE SCHOOL BUS AC#2Disclaimer FORWARD-LOOKING STATEMENTS This presentation (this "Presentation") contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws and within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). Any statements contained in this presentation that are not statements of historical fact, including statements about Lion's beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements may be identified by the use of words such as "believe," "may," "will," "continue," "anticipate," "intend," "expect," "should," "would," "could," "plan," "project," "potential," "seem," "seek," "future," "target" or other similar expressions and any other statements that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements may contain such identifying words. These forward-looking statements include statements regarding the Company's order book and the Company's ability to convert it into actual sales, the expected production capacity of the Company's manufacturing facilities, the capital expenditures expected to be incurred in connection with the Company's U.S. manufacturing facility project and the Company's battery plant and innovation center project in Quebec, the sourcing of lithium-ion battery cells, the Company's U.S. manufacturing facility project and the Company's battery plant and innovation center project in Quebec, the Company's future growth and long-term strategy, ongoing litigation proceedings with one of the Company's suppliers and its parent company, the Company's expected product pipeline and the launch and commercial production of certain platforms and models. Such forward-looking statements are based on a number of estimates and assumptions that Lion believes are reasonable when made, including that Lion will be able to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners, that Lion will continue to operate its business in the normal course, that Lion will be able to implement its growth strategy, that Lion will be able to successfully and timely establish its operations and ramp-up manufacturing capacity at, its U.S. manufacturing facility and its Quebec battery plant and innovation center, that Lion will not suffer any supply chain challenges or any material disruption in the supply of raw materials on competitive terms, that Lion will be able to maintain its competitive position, that Lion will continue to improve its operational, financial and other internal controls and systems to manage its growth and size, that Lion will be able to benefit, either directly or indirectly (including through applications made by the Company and/or its clients), from governmental programs, subsidies and incentives, and that Lion will be able to secure additional funding through equity or debt financing on terms acceptable to Lion and in the amounts needed if and when required in the future. Such estimates and assumptions are made by Lion in light of the experience of management and their perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Lion believes that these risks and uncertainties include the following: any adverse changes in U.S. or Canadian general economic, business, market, financial, political or legal conditions, including as a consequence of the ongoing uncertainties relating to inflation and interest rates; any unavailability, reduction, discriminatory application, delay in processing or elimination of governmental programs, subsidies or incentives due to policy changes, government regulations or decisions or otherwise; any inability to ramp-up the production of Lion's products and meet project construction and other project milestones and timelines; any inability to meet the expectations of the Company's customers in terms of products, specifications, and services; any inability to successfully and economically manufacture and distribute its vehicles at scale; any inability to raise additional funds to meet its capital requirements and pursue its growth strategy when and in the amounts needed; any inability to execute the Company's growth strategy; any escalation, deterioration and adverse effects of current military conflicts, which may affect economic and global financial markets and exacerbate ongoing economic challenges; any unfavorable fluctuations and volatility in the availability or price of raw materials included in components used to manufacture the Company's products, including battery cells, modules and packs; the reliance on key suppliers and any inability to maintain an uninterrupted supply of raw materials; any inability to reduce total cost of ownership of electric vehicles sold by the Company over time; the reliance on key management and any inability to attract and/or retain key personnel; labor shortages (including as a result of employee departures, turnover, and demands for higher wages) which may force the Company to operate at reduced capacity, to lower its production and delivery rates or lower its growth plans, and could pose additional challenges related to employee compensation; any inability to maintain the Company's competitive position; any inability to reduce the Company's costs of supply over time; any inability to maintain and enhance the Company's reputation and brand; any significant product repair and/or replacement due to product warranty claims or product recalls; any failure of information technology systems or any cybersecurity and data privacy breaches or incidents; any inability to secure adequate insurance coverage or a potential increase in insurance costs; natural disasters, epidemic or pandemic outbreaks, boycotts and geo-political events such as civil unrest, acts of terrorism, the current ongoing military conflicts or similar disruptions; any event or circumstance, including the materialization of any of the foregoing risks and uncertainties, resulting in the Company's inability to convert its order book into actual sales; and the outcome of any legal proceedings that may be instituted by or against the Company from time to time, including the ongoing litigation proceedings with Nikola Corporation, the parent company of Romeo Systems, Inc. With respect to Infrastructure Canada's Zero-Emission Transit Fund, Lion and its clients continue to experience delays in the processing of applications, and Lion is actively engaged in discussions with the Federal government regarding the application of the program. If delays persist, orders which are conditional upon the satisfactory grant of non-repayable contributions may be cancelled, in whole or in part, or be subject to renegotiation. These and other risks and uncertainties related to the business of Lion are described in greater detail in section 23.0 entitled "Risk Factors" of the Company's MD&A for the years ended December 31, 2022 and 2021 and in other documents filed with the applicable Canadian regulatory securities authorities and the Securities and Exchange Commission, including the Company's interim MD&As. Many of these risks are beyond Lion's management's ability to control or predict. All forward-looking statements attributable to Lion or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained and risk factors identified in the MD&A and in other documents filed with the applicable Canadian regulatory securities authorities and the Securities and Exchange Commission. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. The MD&A reflects information available to the Company as of November 6, 2023, the date of this MD&A. Except as required under applicable securities laws, Lion undertakes no obligation, and expressly disclaims any duty, to update, revise or review any forward-looking information, whether as a result of new information, future events or otherwise INDUSTRY AND MARKET DATA Although all information and opinions expressed in this Presentation, including market data and other statistical information (including estimates and projections relating to addressable markets), were obtained from sources believed to be reliable and are included in good faith, Lion has not verified the information and makes no representation or warranty, express or implied, as to its accuracy or completeness. Some data is also based on the good faith estimates of Lion, which are derived from its review of internal sources as well as independent sources. This Presentation contains preliminary information only, is subject to change at any time and, is not, and should not be assumed to be, complete or to constitute all the information necessary to adequately make an informed decision regarding your engagement with Lion. While the Company is not aware of any misstatements regarding the industry and market data presented in this Presentation, such data involve risks and uncertainties and are subject to change based on various factors, including those factors discussed under "Forward-Looking Statements" above. The Company has no intention and undertakes no obligation to update or revise any such information or data, whether as a result of new information, future events or otherwise, except as required by law. FINANCIAL INFORMATION; NON-IFRS FINANCIAL MEASURES AND OTHER PERFORMANCE METRICS The Company reports its financial results in accordance with the International Financial Reporting Standards ("IFRS"). This Presentation makes reference to Adjusted EBITDA, which is a non-IFRS financial measure, as well as other performance metrics, including the Company's order book, which are defined Appendix A. Please refer to Appendix A for additional details, including a reconciliation of Adjusted EBITDA to the most directly comparable IFRS measure, net loss, and for a full description of the methodology used by the Company in connection with the order book and certain important risks and uncertainties relating to such methodology and the presentation of the order book. This earnings presentation reflects information available to the Company as of November 6, 2023. CURRENCY All amounts in this Presentation are expressed in U.S. dollars unless otherwise indicated. TRADEMARKS AND TRADE NAMES Lion owns or has rights to various trademarks, service marks and trade names used in connection with the operation of its business. This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this Presentation is not intended to, and does not imply, a relationship with Lion, or an endorsement or sponsorship by or of Lion. Solely for convenience, the trademarks, service marks and trade names referred to in this Presentation may appear with the Ⓡ, TM or SM symbols, but such references are not intended to indicate, in any way, that Lion will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks and trade names. p.2 LION ELECTRIC#3Investment Highlights A Established commercial EV OEM with 13+ years of R&D and manufacturing experience and 1,600+ EVs on the road, having collectively travelled over 19M miles Opportunity to replicate our school bus leadership in the medium- and heavy-duty truck segment, with a favorable TCO vs. diesel vehicles ] Line-up of purpose-built medium- and heavy- duty vehicles designed and assembled in-house, with our proprietary chassis, bus body / truck cabin, battery technology and software integration Established leader in the all-electric school bus space, with deliveries of 1,400+ and order book of 2,000+ vehicles (1) Manufacturing footprint to further support growth plan: vehicle factory in St-Jerome, near Montreal (2.5K vehicles annual capacity), Joliet Illinois vehicle plant (2.5K annual capacity and estimated annual capacity of 20,000 vehicles at full scale(2)) and battery plant in Mirabel (1.7 GWh annual manufacturing capacity and estimated annual capacity of 5 GWh at full scale(2)) Well positioned to benefit from continued strong regulatory tailwinds, such as the $5B EPA Clean School bus Program, CARB's Advanced Clean Fleets Regulation and the C$2.75B Zero Emissions Transit Fund p.3 1) As of November 6, 2023. The Company's vehicle and charging stations order book is determined by management based on purchase orders that have been signed, orders that have been formally confirmed by clients or products in respect of which formal joint applications for governmental programs, subsidies or incentives have been made by the applicable clients and the Company. The order book is expressed as a number of units or a total dollar value, which dollar value is determined based on the pricing of each unit included in the order book as further explained below under the section entitled "Pricing in section 10.0 of the Company's MD&A for the three and nine months ended September 30, 2023 entitled "Order Book". The vehicles included in the vehicle order book as of November 6, 2023 provided for a delivery period ranging from a few months to the end of the year ending December 31, 2026, with substantially all of such vehicles currently providing for deliveries before the end of the year ending December 31, 2025. In addition, substantially all of the vehicle orders included in the order book are subject to the granting of governmental subsidies and incentives, including programs in respect of which applications relating to vehicles of Lion have not yet been fully processed to date. The processing times of governmental programs, subsidies and incentives are also subject to important variations. There has been in the past and the Company expects there will continue to be variances between the expected delivery periods of orders and the actual delivery times, and certain delays could be significant. Also, there has been in the past and the Company expects there will continue to be variances in the eligibility criteria of the various programs, subsidies and incentives introduced by governmental authorities, including in their interpretation and application. Such variances or delays could result in the loss of a subsidy or incentive and/or in the cancellation of certain orders, in whole or in part. See section 10.0 of the Company's MD&A for the three and nine months ended September 30, 2023, entitled "Order Book" for a full description of the methodology used by the Company in connection with the order book and certain important risks and uncertainties relating to such methodology and the presentation of the order book. 2) Represents management's estimates of the projected annual production capacity at the facilities after completion of the production ramp-up and scale-up of manufacturing operations. Such estimates have been prepared on the basis of current footprint and projected workstations and equipment and will continue to be reassessed by management taking into account prevailing economic conditions, the demand environment for the Company's products, the Company's order book, the Company's liquidity profile as well the covenants relating to incurrence of capital expenditures included in the Convertible Debentures issued by the Company in Q3 2023. See "Forward-Looking Statements" on page 1 and section 6.10 of the Company's Annual Information Form for the year ended December 31, 2022 entitled "Property, Plants and Equipment". LION ELECTRIC#4p.4 1. Business Overview 2. Market and Customers Perspectives 3. Financial Highlights LION6 LION ③LION ELECTRIC#5Lion Electric at a Glance BUON ELECTRIC Key facts First-mover in all-electric medium and heavy-duty urban vehicles Developing medium and heavy-duty all-electric vehicles and systems for 13+ years: fully focused on electric technology only • 1,600+ vehicles on the road and over 19M miles (30M km) driven on our platforms Multiple tier-1 clients in both trucks and buses Vehicles attributes Purpose-built for electric, with our own chassis, bus body, truck cabin, and proprietary battery system technology Favorable TCO vs. diesel Manufacturing footprint Factory in St-Jerome with 2,500 vehicles annual manufacturing capacity Joliet, Illinois plant with 2,500 vehicles annual manufacturing capacity and estimated annual capacity of 20,000 vehicles at full scale(1) Battery plant in Mirabel with 1.7 GWh annual manufacturing capacity and estimated annual capacity of 5 GWh at full scale (1) Workforce of ~1,500 employees Experience and service centers p.5 12 experience centers across the U.S. and Canada Full turnkey solution for fleet electrification, including vehicle selection, charging infrastructure, grants support, financing, training, maintenance and telematics MANUFACTURING FACILITY IN JOLIET, IL BATTERY PLANT IN MIRABEL, QC LION6 & LIONC LION LION MANUFACTURING FACILITY IN ST-JEROME (MONTREAL), QC SCHOOL BUS LION6 LION6 Established EV company with 1,600+ vehicles on the road today, a book of tier-1 clients and a full turnkey solution for all aspects of fleet electrification. ⑦LION ELECTRIC#6All-Electric School Bus Line-Up School bus represents a perfect application for electrification Positive impact on children's health, limited mileage, predictable route, lots of downtime to charge Current Line-Up Commercial Production Deliveries Made to Date p.6 SCHOOL BUS LION LIOND LIONC Product Pipeline SCHOOL BUS LIOND X LION ELECTRIC#7All-Electric Medium- and Heavy-Duty Urban Truck Line-Up Significant commonalities with school bus platform Favorable TCO vs. diesel, without any subsidies Current Line-Up 100% ELECTRIC ONS 100% ELECTRIC LION6 LION Commercial Production Deliveries Made to Date LION6 p.7 1) LIONS Product Pipeline LION8 LION5 The Lion8T, which was previously expected to be in commercial production during 2023, is now expected to achieve commercial production mid-2024. LIONS LION8 Tractor X (Expected 2024)(1) LION ELECTRIC#8Tailored to Electric Vehicle Fleet Operators ③Lion Ecosystem • 7 EV Education and Vehicle Selection LionAcademy Data-driven vehicle education and selection advice to meet each customer's specific needs 6⚫ Direct Sales Approach Highly specialized internal sales team focused on EV 5⚫ Aftermarket Support LionBeat Telematics solution providing real time analytics and ongoing maintenance services, saving customers time and money p.8 ☐ 5 ال SCHOOL BUS * +SS $ LION $ 1 ⚫ Infrastructure Support LionEnergy Helping customers select and deploy charging infrastructure ahead of vehicle delivery 2⚫ Financing Support Lion Capital Solutions Guiding customers by offering flexible and complementary financing solutions • 3 Grant Team LionGrants Dedicated team forming strong relationships with local entities in the U.S. and Canada to find the right customer funding solutions Operates at the forefront of policy and the evolving EV ecosystem . 4 ⚫ Experience Centers BrightSquad Teams throughout the U.S. and Canada focused on ensuring a smooth transition to electric for all customers Customers can test all vehicle types ⑦LION ELECTRIC#9Existing Manufacturing Footprint in Canada Dedicated 200k ft² facility near Montreal Manufacturing facility, R&D center and headquarters LION p.9 Annual manufacturing capacity of 2,500 vehicles FCOLIERS ECULIERS SAFETY LIONG O ⑦LION ELECTRIC#10Existing Manufacturing Footprint in Joliet (U.S.) 900K ft² facility with infrastructure in place to reach annual production capacity of 2,500 school buses and expected capacity of 20K vehicles per annum, at full scale(1) SCHOOL BUS LION • Completed building and tenant improvements • Continued to ramp-up production of LionC • Started commercial production of LionD Rationale LIOND Closer Proximity to Largest $ Portion of North American TAM "Made in America" Manufacturing Proximity to Larger Pool "Made in America" Branding SCHOOL BUS of Suppliers Project Cost Update Incurred $4M in Q3 2023 • Total project capex incurred to date of ~$100M Expected capex of $5M for the remainder of 2023, which will be the end of main initial investments Management's expectations with respect to the Joliet Manufacturing Facility and the related ramp-up of production are based on a number of assumptions and may be subject to change. See "Forward-Looking Statements" 1) p.10 on page 1. BATTERY 000 SCHOOL BUS LION ELECTRIC#11Lion Campus - Battery Plant and Innovation Center Highly-automated battery plant and Innovation Center, located in Mirabel, near existing manufacturing footprint Equipment currently in place for annual production capacity of 1.7 GWh (enough to power ~5,000 vehicles) and estimated maximum annual capacity of 5GWh at full scale (1) Final certification of Lion battery packs in Q4 2023 Continued to ramp-up production of Lion battery packs and activities to integrate Lion battery pack technology into vehicles Completed shell of the Innovation Center, which is used as a testing & certification center, a pre-delivery inspection site and a warehouse for inventory. It will soon to be used as a showroom, delivery center, for customers to see and test vehicles on test track Rationale Projected Cost Savings Through Increasing Supply Alternatives $ Further Vertical Integration Flexibility to Adapt to Emerging 0 Battery Technologies Control Over Battery Design to Optimize Specifications Project Cost Update (2) Incurred $10M in Q3 2023 Total capex incurred to date of ~$116M Expected capex of $7M for the remainder of 2023, which will be the end of main initial investments p.11 1) Management's expectations with respect to the LionCampus and the related ramp-up of production are based on a number of assumptions and may be subject to change. See "Forward-Looking Statements" on page 1. 2) Capex figures include R&D addition to intangible assets LION LION ELECTRIC#12p.12 1. Business Overview 2. Market and Customers Perspectives 3. Financial Highlights ③LION ELECTRIC#13Strong Regulatory Tailwinds $5 Billion EPA Clean School Bus Program 2023 GRANT PROGRAM 2023 REBATE PROGRAM • $400M in expected funding $500M in expected funding Up to $395K per bus + charging infra. • Up to $345K per bus + charging infra. Applications closed in August • Applications deadline in Jan 2024 Awards expected Q1 2024 • Notification of selection in April 2024 Contined Momentum at State/Provincial Level Increasing number of states and provinces passing laws mandating transition to zero-emission school buses •⚫ Attractive subsidy programs at state and provincial levels supporting fleet electrification in school buses and trucks • Renewal of Quebec school bus subsidy program, with maximum funding increased from $125K to $175K per bus p.13 2024-2026 FUNDING • Additional $3B expected to be allocated over 2024-2026 SCHOOL BUS LIONCE Numerous incentive programs and regulatory initiatives targeting fleet electrification for medium- and heavy-duty vehicles LION ELECTRIC#14Order Book (1) (As of November 6, 2023), Electric Vehicles 2,232 EVS/~$525M Total Order Book 1,964 ] All-Electric Buses 268 All-Electric Trucks LionEnergy ~$4M Total Order Book 129 Charging stations and related services Select School Bus Clients S STUDENT TRANSPORTATION OF AMERICA First Student national express LANGS BUS LINES LIMITED TwinRivers IFIED SCHOOL DISTRICT AUTOBUS SÉGUIN AUTOBUS Wabaunsee USD 329 Home of the Chargers Zum CAMPEAU BUSLINES Select Truck Clients Transport Canada C&S Wholesale Grocers Canada Hydro Québec GREEN MOUNTAIN POWER transdev Highland Celebrating MillionMiles Driven Keolis Pellston Public School ATLANTA PUBLIC SCHOOLS ANGELES UNIFI LE GROUPE BOARD 09.16 b of EDUCATION TRANSBUS (TRANSPORT SCOLAIRE. SPECIALISE. NOLISE ET URBAIN) R ROBERT DOLLARAMA Blus simons Bolt DAY ROSS EconEdison DEMERS AMBULANCES PRIDE Grou ENTERPRISES amazon amazon The BRICK CN familiprix CANADA POST POSTES CANADA Sobeys inc. IKEA 1) As of November 6, 2023. The Company's vehicle and charging stations order book is determined by management based on purchase orders that have been signed, orders that have been formally confirmed by clients or products in respect of which formal joint applications for governmental programs, subsidies or incentives have been made by the applicable clients and the Company. The order book is expressed as a number of units or a total dollar value, which dollar value is determined based on the pricing of each unit included in the order book as further explained below under the section entitled "Pricing in section 10.0 of the Company's MD&A for the three and nine months ended September 30, 2023 entitled "Order Book". The vehicles included in the vehicle order book as of November 6, 2023 provided for a delivery period ranging from a few months o the end of the year ending December 31, 2026, with substantially all of such vehicles currently providing for deliveries before the end of the year ending December 31, 2025. In addition, substantially all of the vehicle orders included in the order book are subject to the granting of governmental subsidies and incentives, including programs in respect of which applications relating to vehicles of Lion have not yet been fully processed to date. The processing times of governmental programs, subsidies and incentives are also subject to important variations. There has been in the past and the Company expects there will continue to be variances between the expected delivery periods of orders and the actual delivery times, and certain delays could be significant. Also, there has been in the past and the Company expects there will continue to be variances in the eligibility criteria of the various programs, subsidies and incentives introduced by governmental authorities, including in their interpretation and application. Such variances or delays could result in the loss of a subsidy or incentive and/or in the cancellation of certain orders, in whole or in part. See section 10.0 of the Company's MD&A for the three and nine months ended September 30, 2023, entitled "Order Book" for a full description of the methodology used by the Company in connection with the order book and certain important risks and uncertainties relating to such methodology and the presentation of the order book. p.14 ⑦LION ELECTRIC#15Q3 2023 Vehicle Deliveries 245 vehicles delivered in Q3 220 buses and 25 trucks 132 in Canada and 113 in the U.S. Significant progress on EPA program deliveries =40° SR-0204 Q3 deliveries include repeat orders for both buses and trucks Vehicle Deliveries Quarterly Deliveries p.15 245 156 Bolt Bolt Logistics Simplifed gobol.com YTD Deliveries 664 SCHOOL BU SCHOOL BUS SCHOOL BUS SCHOOL BUS L 345 Q3 2022 Q3 2023 2022 YTD 2023 YTD LION LION LION LION ELECTRIC#161. Business Overview SCHOOL BUS www 2. Market and Customers Perspectives 3. Financial Highlights Co LIONC p.16 STOP ③LION ELECTRIC#17Financial Results Overview Revenue (US$M) $57.7 $139.9 $193.1 FY2021 FY2022 YTD FY2023 Fiscal 2022 Highlights . Record number of 519 vehicles delivered in 2022 vs. 196 in 2021 Gross loss of ($12.9) M reflecting higher raw material and commodity costs, product mix, overall production ramp up costs, continuing global supply chain challenges and inflationary environment Adjusted EBITDA (1) of ($54.8) M and net earnings of $17.8M . $148 M in CAPEX . $79.1M in additions to intangible assets, which mainly consists of R&D activities 1) Non-IFRS measure. See "Financial Information; Non-IFRS Financial Measures and Other Performance Metrics". This measure is also defined in Appendix A, which also includes a reconciliation to the most directly comparable IFRS measure. p.17 ⑦LION ELECTRIC#18Q3 2023 Financial Results Overview Q3 2023 Revenue (US$M) $41.0 $80.3 Q3 2022 Q3 2023 Quarterly Revenue Growth (US$M) 1) p.18 $58.0 $54.7 $46.8 $41.0 $29.5 $22.6 $80.3 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q3 2023 Highlights • • $80.3M in revenue, double the $41M in Q3 2022 Approximately same SG&A ($17.4M vs $18.2M in Q3 2022) Gross profit of $5.4M and 6.7% gross margin, vs (9%) in Q3 2022, mainly driven by volume, favorable product mix, ASP and cost discipline Significant Adjusted EBITDA (1) increase from ($15.1M) in Q3 2022 to ($3.9M) and Net loss of ($19.9M) $16.2M in CAPEX $15.0M in additions to intangible assets, which mainly consists of R&D activities Non-IFRS measure. See "Financial Information; Non-IFRS Financial Measures and Other Performance Metrics". This measure is also defined in Appendix A, which also includes a reconciliation to the most directly comparable IFRS measure. ⑦LION ELECTRIC#19Liquidity Update Total immediate liquidity (1) of $132M as of September 30, 2023 $36M cash on hand + $96M available on revolving facility • ~$142M gross proceeds received from July 19, 2023 financing transaction ~$200M ABL revolving facility ~$30M drawn vs. total borrowing capacity of -$96M(1) as of September 30, 2023 C$100M (-$75M) (2) government loans for Lion Campus $41M drawn as of September 30, 2023 ~$5M owed for capex incurred up to September 30, 2023 p.19 1) After application of minimum availability test to the borrowing base of -$126M. 2) Based on 1.35 CAD/USD FX rate as of September 30, 2023. SCHOOL BUS LIONCE ⑦LION ELECTRIC יור#20In Conclusion A Established commercial EV OEM with 13+ years of R&D and manufacturing experience and 1,600+ EVs on the road, having collectively travelled over 19M miles Opportunity to replicate our school bus leadership in the medium- and heavy-duty truck segment, with a favorable TCO vs. diesel vehicles ] Line-up of purpose-built medium- and heavy- duty vehicles designed and assembled in-house, with our proprietary chassis, bus body / truck cabin, battery technology and software integration Established leader in the all-electric school bus space, with deliveries of 1,400+ and order book of 2,000+ vehicles (1) Manufacturing footprint to further support growth plan: vehicle factory in St-Jerome, near Montreal (2.5K vehicles annual capacity), Joliet Illinois vehicle plant (2.5K annual capacity and estimated annual capacity of 20,000 vehicles at full scale(2)) and battery plant in Mirabel (1.7 GWh annual manufacturing capacity and estimated annual capacity of 5 GWh at full scale(2)) Well positioned to benefit from continued strong regulatory tailwinds, such as the $5B EPA Clean School bus Program, CARB's Advanced Clean Fleets Regulation and the C$2.75B Zero Emissions Transit Fund 1) As of November 6, 2023. The Company's vehicle and charging stations order book is determined by management based on purchase orders that have been signed, orders that have been formally confirmed by clients or products in respect of which formal joint applications for governmental programs, subsidies or incentives have been made by the applicable clients and the Company. The order book is expressed as a number of units or a total dollar value, which dollar value is determined based on the pricing of each unit included in the order book as further explained below under the section entitled "Pricing in section 10.0 of the Company's MD&A for the three and nine months ended September 30, 2023 entitled "Order Book". The vehicles included in the vehicle order book as of November 6, 2023 provided for a delivery period ranging from a few months to the end of the year ending December 31, 2026, with substantially all of such vehicles currently providing for deliveries before the end of the year ending December 31, 2025. In addition, substantially all of the vehicle orders included in the order book are subject to the granting of governmental subsidies and incentives, including programs in respect of which applications relating to vehicles of Lion have not yet been fully processed to date. The processing times of governmental programs, subsidies and incentives are also subject to important variations. There has been in the past and the Company expects there will continue to be variances between the expected delivery periods of orders and the actual delivery times, and certain delays could be significant. Also, there has been in the past and the Company expects there will continue to be variances in the eligibility criteria of the various programs, subsidies I incentives introduced by governmental authorities, including in their interpretation and application. Such variances or delays could result in the loss of a subsidy or incentive and/or in the cancellation of certain orders, in whole or in part. See section 10.0 of the Company's MD&A for the three and nine months ended September 30, 2023, entitled "Order Book" for a full description of the methodology used by the Company in connection with the order book and certain important risks and uncertainties relating to such methodology and the presentation of the order book. 2) Represents management's estimates of the projected annual production capacity at the facilities after completion of the production ramp-up and scale-up of manufacturing operations. Such estimates have been prepared on the basis of current footprint and projected workstations and equipment and will continue to be reassessed by management taking into account prevailing economic conditions, the demand environment for the Company's products, the Company's order book, the Company's liquidity profile as well the covenants relating to incurrence of capital expenditures included in the Convertible Debentures issued by the Company in Q3 2023. See "Forward-Looking Statements" on page 1 and section 6.10 of the Company's Annual Information Form for the year ended December 31, 2022 entitled "Property, Plants and Equipment". p.20 LION ELECTRIC#21Appendix p.21 LION6 SCHOOL BUS ③LION ELECTRIC#22Appendix A - Non-IFRS Financial Measures and Other Performance Metrics Adjusted EBITDA and order book are measures that are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. Lion compensates for these limitations by relying primarily on Lion's IFRS results and using Adjusted EBITDA and order book on a supplemental basis. Readers should not rely on any single financial measure to evaluate Lion's business. Adjusted EBITDA "Adjusted EBITDA" is defined as net earnings (loss) before finance costs, income tax expense or benefit, and depreciation and amortization, adjusted for share-based compensation, changes in fair value of share warrant obligations, foreign exchange (gain) loss and transaction and other non-recurring expenses. Adjusted EBITDA is intended as a supplemental measure of performance that is neither required by, nor presented in accordance with, IFRS. Lion believes that the use of Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing Lion's financial measures with those of comparable companies, which may present similar non-IFRS financial measures to investors. However, readers should be aware that when evaluating Adjusted EBITDA, Lion may incur future expenses similar to those excluded when calculating Adjusted EBITDA. In addition, Lion's presentation of these measures should not be construed as an inference that Lion's future results will be unaffected by unusual or non-recurring items. Lion's computation of Adjusted EBITDA may not be comparable to other similarly entitled measures computed by other companies, because all companies may not calculate Adjusted EBITDA in the same fashion. The following table reconciles net earnings (loss) to Adjusted EBITDA for the three and nine months ended September 30, 2023, and 2022: p.22 - Unaudited Three months ended September 30, Unaudited Nine months ended September 30, 2023 2022 2023 2022 (in thousands) (in thousands) Revenue $80,348 $40,978 $193,067 $93,146 Net earnings (loss) Finance costs $(19,853) $(17,200) $(47,224) $22,414 $7,728 $1,500 $11,150 $1,847 Depreciation and amortization $7,240 $3,046 $17,715 $7,769 Share-based compensation(1) $1,324 $2,682 $4,795 $9,840 Change in value of conversion options on convertible debt instruments(2) $(3,356) $(3,356) Change in fair value of share warrant obligations (3) $(179) $(7,643) Foreign exchange loss (gain) (4) $2,861 $2,124 $(11,911) $(104) $(86,034) $1,414 Transaction and other non- recurring expenses (5) $374 $363 $951 $1,895 Income taxes Adjusted EBITDA $(3,860) $(15,126) $(27,984) $(40,855) 1) Represents non-cash expenses recognized in connection with the issuance of stock options, restricted share units, and deferred share units issued under Lion's omnibus incentive and stock option plans as described in note 11 to the condensed interim consolidated financial statements as at and for three and nine months ended September 30, 2023, and 2022. 2) Represents non-cash change in the fair value of the conversion options on convertible debt instruments as described in note 9 to the condensed interim consolidated financial statements as at and for three and nine months ended September 30, 2023, and 2022. 3) Represents non-cash change in the fair value of the share warrant obligations as described in note 8 to the condensed interim consolidated financial statements as at and for three and nine months ended September 30, 2023, and 2022. 4) Represents gains relating to foreign exchange translation. 5) For the three and nine months ended September 30, 2023, and 2022, represents non-recurring professional fees related mostly to process optimization initiatives. LION ELECTRIC#23Appendix A - Non-IFRS Measures and Other Performance Metrics Order Book Methodology " " General Principle: The Company's vehicle and charging stations order book is determined by management based on purchase orders that have been signed, orders that have been formally confirmed by clients or products in respect of which formal joint applications for governmental programs, subsidies or incentives have been made by the applicable clients and the Company. The order book is expressed as a number of units or a total dollar value, which dollar value is determined based on the pricing of each unit included in the order book as further explained below under the section entitled "Pricing". The vehicles included in the vehicle order book as of November 6, 2023 provided for a delivery period ranging from a few months to the end of the year ending December 31, 2026, with substantially all of such vehicles currently providing for deliveries before the end of the year ending December 31, 2025. In addition, substantially all of the deliveries are subject to the granting of subsidies and incentives with processing time that are subject to important variations. There has been in the past and the Company expects there will continue to be variances between the expected delivery periods of orders and the actual delivery times, and certain delays could be significant. Also, there has been in the past and the Company expects there will continue to be variances in the eligibility criteria of the various programs, subsidies and incentives introduced by governmental authorities, including in their interpretation and application. Such variances or delays could result in the loss of a subsidy or incentive and/or in the cancellation of certain orders, in whole or in part. The Company's presentation of the order book should not be construed as a representation by the Company that the vehicles and charging stations included in its order book will translate into actual sales. Delivery Periods: The Company's order book refers to products that have not yet been delivered but which are reasonably expected by management to be delivered within a time period that can be reasonably estimated and includes, in the case of charging stations, services that have not been completed but which are reasonably expected by management to be completed in connection with the delivery of the product. Purchase orders and applications relating to vehicles of Lion generally provide for a time period during which the client expects delivery of the vehicles. Such period can vary from a specific date, a number or range of months after the issuance of the order or application, or a calendar year. The vehicles included in the vehicle order book as of November 6, 2023 provided for a delivery period, subject to the satisfaction of the conditions set forth in each order (which, in substantially all cases as further discussed herein, relate to the approval of governmental subsidies and grants), ranging from a few months to the end of the year ending December 31, 2026, with substantially all of such vehicles currently providing for deliveries before the end of the year ending December 31, 2025 (which corresponds to the latest date by which claims are required to be made according to the current eligibility criteria of the Federal's Infrastructure Canada's Zero-Emission Transit Fund ("ZETF"), unless otherwise agreed by Infrastructure Canada). Delivery periods are disclosed from time to time by the Company when available in respect of material orders. Delivery periods should not be construed as a representation or a guarantee by the Company that the actual delivery time will take place as scheduled. Given the nature of the business and the products of the Company, the implied lead time for the production and delivery of a vehicle (which may be impacted, among other things, by supply chain challenges or changes in specifications), the nature of certain customers of the Company (in many cases, fleet owners operating capital intensive operations which require financing and ongoing scheduling flexibility), and the fact that, as further described herein, substantially all of the vehicle orders included in the order book are subject to the granting of governmental subsidies and incentives, actual delivery times may be subject to important variations or delays. Please refer to the section entitled "Ongoing Evaluation; Risk Factors" below regarding the potential impact of variations or delays in deliveries. Pricing: When the Company's order book is expressed as an amount of sales, such amount has been determined by management based on the current specifications or requirements of the applicable order, assumes no changes to such specifications or requirements and, in cases where the pricing of a product or service may vary in the future, represents management's reasonable estimate of the prospective pricing as of the time such estimate is reported. A small number of vehicles included in the order book have a pricing that remains subject to confirmation based on specifications and other options to be agreed upon in the future between the applicable client and the Company. For purposes of the determination of the order book and the value allocated to such orders, management has estimated the pricing based on its current price lists and certain other assumptions relating to specifications and requirements deemed reasonable in the circumstances. Performance Metric: The order book is intended as a supplemental measure of performance that is neither required by, nor presented in accordance with, IFRS, and is neither disclosed in nor derived from the financial statements of the Company. The Company believes that the disclosure of its order book provides an additional tool for investors to use in evaluating the Company's performance, market penetration for its products, and the cadence of capital expenditures and tooling. The Company's computation of its order book is subject to the specific methodology described herein and may not be comparable to other similarly entitled measures computed by other companies, because all companies may not calculate their order book in the same fashion. Other companies also sometimes refer to or use "order backlog" or "order intake" as performance metrics, which are most likely not calculated on the same basis as the Company's order book. In addition, as explained above, the Company's presentation of the order book is calculated based on the orders and the applications made as of the time that the information is presented, and it is not based on the Company's assessment of future events and should not be construed as a representation by the Company that the vehicles and charging stations included in its order book will translate into actual sales. p.23 ⑦LION ELECTRIC#24Appendix A - Non-IFRS Measures and Other Performance Metrics p.24 Ongoing Evaluation; Risk Factors о о о A portion of the vehicles or charging stations included in the Company's order book may be cancellable in certain circumstances (whether by reason of a delivery delay, unavailability of a program, subsidy or incentive or otherwise) within a certain period. Management reviews the composition of the order book every time it is reported in order to determine whether any orders should be removed from the order book. For purposes of such exercise, management identifies orders that have been or are reasonably likely to be cancelled and examines, among other things, whether conditions attaching to the order are reasonably likely to result in a cancellation of the order in future periods as well as any other available information deemed relevant, including ongoing dialogue with clients. Such exercise may result from time to time in orders that have previously been included in the order book being removed even if they have not been formally canceled by the client. The Company cannot guarantee that its order book will be realized in full, in a timely manner, or at all, or that, even if realized, revenues generated will result in profits or cash generation as expected, and any shortfall may be significant. The Company's conversion of its order book into actual sales is dependent on various factors, including those described below and under section 23.0 entitled "Risk Factors" of the Company's MD&A for the years ended December 31, 2022 and 2021. For instance, a customer may voluntarily or involuntarily default on an order, may become subject to bankruptcy or insolvency or cease its business operations. In addition, substantially all of the vehicle orders included in the order book are subject to conditions relating to the granting of governmental subsidies or incentives or a specified timing for the delivery of the vehicle and, in a limited number of cases, the availability of certain specifications and options or the renewal of certain routes by governmental or school authorities. As a result, the Company's ability to convert its order book into actual sales is highly dependent on the granting and timing of governmental subsidies and incentives, most notably subsidies and incentives under the Quebec government's 2030 Plan for a Green Economy (the "Quebec Green Economy Plan"), Federal Infrastructure Canada's ZETF, the Government of Canada Incentives for Medium- and Heavy-Duty Zero-Emission Vehicles (iMHZEV) Program, the U.S. Environmental Protection Agency Clean School Bus Program and California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP). Approximately half of the vehicles included in the order book are contingent upon grants under the ZETF, in respect of which applications relating to vehicles of Lion have not yet been fully processed to date and December 31, 2025 is the latest date by which claims are required to be made according to the current eligibility criteria of the ZETF program, unless otherwise agreed by Infrastructure Canada. In addition, purchase orders obtained in connection with the first round of funding under the EPA require, among other things, that vehicles be delivered on or prior to October 2024. Any termination, modification, delay or suspension of any governmental programs, subsidies and incentives, including, most importantly as of the date hereof, the ZETF, the Quebec Green Economy Plan or the EPA Program could result in delayed deliveries or the cancellation of all or any portion of orders, which, in turn, could have a material and adverse effect on the Company's business, results of operations or financial condition. The Company's conversion of its order book into actual sales is also dependent on its ability to economically and timely manufacture its vehicles, at scale. The Company delivered 196 vehicles during the year ended December 31, 2021 and 519 vehicles during the year ended December 31, 2022. As of November 6, 2023, the Company's vehicle order book stood at 2,232 vehicles. The execution of the Company's growth strategy and the conversion of its order book, which currently provides for deliveries ranging from a few months to the end of the year ending December 31, 2026, will require that the Company continue to ramp-up its production. While the Company's Saint-Jerome facility currently has an estimated annual production capacity of 2,500 vehicles at full scale and the Company is in the process of ramping up its operations at the Joliet Facility and the Lion Campus (see section 8.0 of this MD&A entitled "Operational Highlights" and "Product Development and Manufacturing" under section 11.0 of the Company's MD&A for the three and nine months ended September 30, 2023, entitled "Key Factors Affecting Lion's Performance" for further details), the Company's operations are currently being conducted on a lower scale and it has limited experience to date in high volume manufacturing. In addition, as of November 6, 2023, 157 units included in the order book, consisting mainly of trucks and representing a combined total order value of approximately $60 million, related to products which had been developed and were being sold, but that were not currently in commercial production. See "Products and Solutions" in section 6.2 of the Company's Annual Information Form for the year ended December 31, 2022 entitled “Business of the Company". Any failure by the Company to successfully develop its vehicles, source its key components, and scale its manufacturing processes within projected costs and timelines could have a material adverse effect on its business, results of operations or financial condition. As a result, the Company's realization of its order book is subject to a number of risks and uncertainties, including the risks described in section 3.0 of the Company's MD&A for the three and nine months ended September 30, 2023, entitled "Caution Regarding Forward-Looking Statements" and section 23.0 entitled "Risk Factors" of the Company's MD&A for the years ended December 31, 2022 and 2021, and there can be no assurance that the Company will be successful in converting all or a significant portion of its order book into actual sales. For More Information Please also refer to the Company's management discussion and analysis for the three and none months ended September 30, 2023 and the Company's earnings release dated November 6, 2023, which are available under the Company's SEDAR profile at www.sedar.com and on the Company's EDGAR profile at www.sec.gov. LION ELECTRIC#25Vehicles p.25 LION6 ⑦LION ELECTRIC#26LIONC Technical Specification Gross Vehicle Weight Rating (GVWR) Capacity Top Speed Maximum Power Maximum Torque Ranges Battery Capacities Charging Types Level II Charging Time 19.2 kW Level III Charging Time 24 kW 50 kW Up to 31,000 lb Up to 77 passengers 60 mph 250 kW 335 HP • • 2,500 Nm 1,800 ft-lb 100 125 155 miles 126168-210 kWh Level II (AC) - J1772 & Level III (DC) - CCS Combo 6.5 11 hours — 5 - 9 hours 2.5-4.25 hours p.26 SCHOOL BUS SCHOOL BUS LION LION ⑦LION ELECTRIC#27LIOND Technical Specification Gross Vehicle Weight Rating (GVWR) Capacity Top Speed Maximum Power Maximum Torque Ranges Battery Capacities Charging Types Level II – Charging Time 19.2 kW Level III Charging Time 24 kW 50 kW Up to 37,000 lb Up to 83 passengers 60 mph • 250 kW 335 HP 2,500 Nm 1,800 ft-lb · 100 125 155 miles 126 168 210 kWh Level II (AC) - J1772 & Level III (DC) - CCS Combo 6.5 11 hours 5 - 9 hours 2.5 4.25 hours LIOND p.27 SCHOOL BUS LIOND ⑦LION ELECTRIC#28Technical LION5 Specification Gross Vehicle Weight Rating (GVWR) Top Speed Maximum Power Maximum Torque Range Battery Capacity Level III - Charging Time Up to 26,000 lb 74.5 mph . 235 kW 315 HP 3,200 Nm 2,360 ft-lb Up to 200 miles Up to 210 kWh Minimum 1.5 hours p.28 LIONS ③ ⑦LION ELECTRIC#29Technical LION6 Specification Gross Vehicle Weight Rating (GVWR) Top Speed Maximum Power Maximum Torque Range Battery Capacity Level III - Charging Time 26,000 lb 65 mph . 250 kW 335 HP 2,500 Nm 1,800 ft-lb Up to 200 miles Up to 252 kWh Minimum 2 hours p.29 LION6 ⑦LION ELECTRIC#30Technical LION8 Specification Gross Vehicle Weight Rating (GVWR) Top Speed Maximum Power Maximum Torque Up to 60,000 lb 65 mph 350 kW 470 HP 3,400 Nm 2,500 ft-lb Range Battery Capacity Level III - Charging Time Up to 170 miles Up to 252 kWh Minimum 2 hours p.30 ③ 100% ELECTRIC 58% 100% ELECTRIC LION LIONS LION ELECTRIC#31Thank You. LION6 LION ⑦ LION ELECTRIC