#1Analysts and Investors Site Visit September 21, 2021 LION ELECTRIC An all-electric commercial vehicle manufacturer SCHOOL BUS LION#2Disclaimer DON FORWARD-LOOKING STATEMENTS This presentation (together with oral statements made in connection herewith, this "Presentation") contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities laws. 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 contain such identifying words. These forward-looking statements include statements regarding the Company's order book, the Company's long-term strategy and future growth, the Company's battery plant and innovation center project in Quebec and its USA manufacturing facility, and the expected launch of new models of electric vehicles. Such forward-looking statements are based on a number of estimates and assumptions that Lion believes are reasonable when made including, but not limited to, 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 complete the construction of its USA manufacturing facility and its Quebec battery plant and innovation center, that Lion will not suffer 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 and that its results of operations and financial condition will not be adversely affected, that Lion will be able to benefit, either directly or indirectly (including through its clients), from government subsidies and economic incentives in the future and that Lion will be able to secure any required additional funding through equity or debt financing on terms acceptable to Lion. 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, but are not limited to, the following: any adverse changes in the USA and Canadian general economic, business, market, financial, political and legal conditions, including as consequences of the global COVID-19 pandemic and the emergence of COVID-19 variants and varying rates of vaccination amongst various countries; Lion's inability to successfully and economically manufacture and distribute its vehicles at scale and meet its customers' business needs; Lion's reliance on key management and any inability to attract and/or retain key personnel; Lion's inability to execute its growth strategy; Any unfavorable fluctuations and volatility in the price of raw materials included in key components used to manufacture Lion's products; Lion's reliance on key suppliers and any inability to maintain an uninterrupted supply of raw materials; Lion's inability to maintain its competitive position; Lion's inability to reduce its costs of supply over time; any inability to maintain and enhance Lion'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; the reduction, elimination or discriminatory application of government subsidies and economic incentives or the reduced need for such subsidies; natural disasters, epidemic or pandemic outbreaks, boycotts and geo-political events; the outcome of any legal proceedings that may be instituted against the Company from time to time. These and other risks and uncertainties related to the businesses of Lion are described in greater detail in the section entitled "Risk Factors" in the Company's final prospectus dated May 5, 2021 (the "Canadian Prospectus") filed with the Autorité des marchés financiers (the "AMF") and the registration statement on Form F-1 (the "Registration Statement") filed with the Securities and Exchange Commission (the "SEC") and declared effective on June 14, 2021 and other documents publicly filed with the AMF and the SEC. 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 Canadian Prospectus, the Registration Statement and other documents filed with the AMF and the SEC. 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. 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 and such forward looking statements only speak as of the date they are made. 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 certain non-IFRS measures, including Adjusted EBITDA, and other performance metrics, including the Company's order book. These measures 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. Please refer to Appendix A for additional details and the definitions of Adjusted EBITDA (including a reconciliation of Adjusted EBITDA to the most directly comparable IFRS measure, net loss), and the Company's order book. Please also refer to the Company's management discussion and analysis for the three and six months ended June 30, 2021 and the Company's earnings release dated August 13, 2021, which are available under the Company's SEDAR profile at www.sedar.com and on the Company's EDGAR profile at www.sec.gov. 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 that they use 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. LION ELECTRIC#33 3 Table of Content Lion at a Glance Sales and Commercial Organization 1. 2. 3. The Battery 4. The Battery Plant/Innovation Center 5. The Joliet, IL Manufacturing Plant 6. Our Culture, Our People 7. Our Approach to Sustainable Development 8. Questions and Answers BON 4 LION LION ELECTRIC#4Lion at a Glance LION LIONS 100 800 LIONS SCHOOL BUS LION LION SCHOOL BUS 3 LION SCHOOL BUS LION ELECTRIC#5An Experienced Team To Further Support Growth Plans MARC BEDARD YANNICK POULIN 5 CEO Founder NATHALIE GIROUX Vice President, Chief People Officer NICOLAS BRUNET Executive Vice President and Chief Financial Officer FRANÇOIS BEAULIEU Vice President, Chief Information Officer Chief Operating Officer ISABELLE ADJAHI Vice President, Investor Relations and Sustainable Development BRIAN PIERN Chief Commercial Officer ROCCO MEZZATESTA Senior Vice President, Product Development and Vehicle Engineering LION FRANÇOIS DUQUETTE Vice President, Chief Legal Officer and Corporate Secretary PHILIPPE LEBLANC Vice President, R&D and Engineering DON LION ELECTRIC#6An Experienced Team To Further Support Growth Plans MARC-ANDRÉ PAGÉ 6 PATRICK GERVAIS Vice President, Marketing and Communications Vice President, Commercial Operations NATE BAGUIO Senior Vice President, Commercial Development VINCE SPADAFORA Vice President, Financial Reporting GARY LALONDE Vice President, Truck Sales, Canada BENOÎT MORIN Vice President, Bus Sales, Canada STÉPHANE SCHMIDT Vice President, Finances LION DON LION ELECTRIC#7Lion in Numbers 7 Founded in 2008 Overnight success, 13 years in the making 10+ years of Research & Development An established EV company with real vehicles on the road today, a growing book of tier-1 clients and a full turnkey solution for all aspects of fleet electrification 7 purpose- built vehicles and 8 vehicles in development ~900 employees, including 270 engineers, R&D +400 vehicles on the road Order book: US$280M 8+ million miles driven 8 experience centers + 4 to open soon SCHOOL BUS Annual TAM: US$110B 1st mover advantage Current production capacity of 2,500 vehicles/year Manufacturing capacity by 12/31/2022: 22,500 vehicles/year LION DON LION ELECTRIC#8Our Portfolio of Vehicles Lion has 7 Vehicles Available Today... ...With Purchases by Top Customers 8 ALL-ELECTRIC MEDIUM AND HEAVY-DUTY URBAN TRUCKS LION8 Refuse LION6 Class 6 amazon EconEdison LION8 Class 8 CN PARC. SAQ SAFARİ LION8 Reefer IKEA Refrigerated Class 8 CONSTAR SUPPLY Transport Canada MOLSON Coors ecomaine HERITAGE Casella Hydro Québec DAY WASTE CONNECTIONS, INC. Refuse Class 8 TROSS GREEN MOUNTAIN POWER AGROPUR PRIDE ENTERTHSED C&S Wholesale Grocers LIONM Shuttle Bus YUL TwinRivers UNIFIED SCHOOL DISTRICT Montréal-Trudeau International Airport Transco filiale de Transport First Student Canada ALL-ELECTRIC BUSES LIONA Type A School Bus gaudreauit OLE GROUPE CAJON VALLEY *** SCHOOL WINTERT TRANSBUS www.transbus.ca Keolis ELES UNFIEL national express LION Zūm DON LIONC Type C School Bus transdev Dry Creek Joint Elementary School District WASHINGTON AUTOBUS SÉGUIN First Student LION ELECTRIC#9Product Commercialization Timeline Trucks Buses 9 LION6 LIONC AVAILABLE TODAY* LION8 Reefer *On market and/or for sale SCHOOL LIONA LION8 LION8 Refuse LIONM LIONS Tractor PRODUCTS TO BE COMMERCIALIZED BY END OF 2022 LION5 LION8 Bucket *Generic image of the ambulance LION7 LION8 Boom SCHOOL BUS LIOND DON LION LA LION6 Utility AMBULANCE* LION ELECTRIC#10Long-term Strategic Plan - Daily Execution 10 3 LION Continued Ramp-up in Orders and Deliveries ▪ Increase pace in production and deliveries ▪ Grow order book and repeat orders W Accelerate tier-1 client adoption Execution of Strategic Plan ■ Ramp-up of USA vehicle plant ▪ Continue construction of highly-automated battery factory ■ Expand Experience Centers footprint DON Expansion of Vehicle Line-up Commercialization of 8 new vehicles by the end of 2022 (Lion8 Tractor, Lion8 Bucket, Lion8 Boom, Lion6 Utility, Lion5, Lion7, LionAmbulance, LionD) Growth of Workforce and Senior Management Team ▪ Long-term growth through continued building of a strong and knowledgeable experienced team ( LION LION ELECTRIC#11Large Total Addressable Market 11 MEDIUM AND HEAVY-DUTY URBAN TRUCKS 335K Trucks / Year ANNUAL TAM US$100B + SCHOOL BUSES 45K School Buses / Year ANNUAL TAM US$10B Diversified product line-up targets $110 billion annual TAM in USA and Canada LION DON LION ELECTRIC#1212 Underlying Secular Tailwinds UNITED STATES FEDERAL ■ STATES / MUNICIPAL ■ ■ Bipartisan Infrastructure Investment & Jobs Act passed Senate vote in August 2021 $5 billion of funding towards the replacement of existing school buses with clean and zero emission school buses ■ New York City school bus fleet to be 100% electrified by 2035 California legislature signed a budget bill to further promote the adoption of zero-emission vehicles Authorization of $2.7 billion for zero-emission vehicles and their infrastructure in the state budget in 2021-2022. California Advanced Clean Trucks rule: OEMs can start accumulating credits in 2021 Other regions under consideration/legislative review LCFS market live in California and Oregon and under consideration/legislative review in other regions I CANADA FEDERAL I ■ ■ C$2.75 billion in Federal funding over 5 years via Zero Emission Transit Fund Support public transit and school bus operators plan for electrification (incl. purchase of 5,000 zero emission buses). PROVINCIAL LION C$1.5 billion debt funding plan from the Infrastructure Bank of Canada for conversion to electric buses DON ■ $250 million subsidy program launched by Quebec MTQ: C$250 million in subsidies over 3 years for school bus electrification (100K to 150K per vehicle) H Objective to electrify 65% of the province school bus fleet by 2030; 2,600 new electric school buses on the road within the next 3 years Starting Nov, 1st, 2021, every new school bus registered in the province of Quebec will have to be an all-electric school bus LION ELECTRIC#13Capitalization FINANCIAL INFORMATION AS OF Q2 2021 Cash Balance Debt Balance Line of Credit Share Price as of 17/09/2021 Market Capitalization 13 ~US$364 million ~US$11 million US$ 100 million revolver (undrawn) NYSE: US$13.09 TSX: C$16.78 NYSE: US$2.4 billion TSX: ~C$3.2 billion FULLY DILUTED SHARES OUTSTANDING AS OF Q2 2021 Basic Shares Oustanding Management Options - Exercise price between C$0.93 and C$23.02 SPAC Warrants LION Exercise price of $11.50 16mm warrants redeemable on certain conditions Customer Warrants Exercise price of $5.66 Fully Diluted Shares outstanding (using treasury method) Fully Diluted Shares outstanding DON 188.5 million 10.6 million 27.1 million 5.3 million 204.0 million 231.5 million LION ELECTRIC#14Sales and Commercial Organisation LIONS LIONS SCHOOL BUS LION LIONM LION ELECTRIC#15Commercial Organisation VP, USA Bus Sales 15 Brian Piern Chief Commercial Officer VP, USA Truck Sales SVP, Commercial Development USA VP, Canada Bus Sales VP, Canada Truck Sales VP, Commercial Operations N +80 VP, Marketing Communications Commercial Development Canada LION ELECTRIC#16Commercial Organisation 16 5 Direct Sales Highly Specialized Sales Teams Focused on EV 16 Commercial Development Strategic Approach to Governments & Associations +80 Channel Sales Extended Reach at Builders & Upfitters Marketing & Communications Dedicated to Promoting Lion in all Mediums LION ELECTRIC#17Lion Ecosystem 17 Lion.liBeat Purpose-designed EV telematics system Bright Squad Professional technicians with deep EV knowledge that offer best-in-class, on-site, customer service X LionService Specialized mobile teams d. VONE Lion Parts EV specific parts inventory SCHOOL BUS DirectSales Highly specialized internal sales team focused on EV $ At Lion Grant Team Influence, leverage, and secure funding opportunities Lion Energy Complete charging infrastructure turnkey solutions Lion Academy Training programs for technicians, drivers, and fleets 00 LION ELECTRIC#18Partnerships 18 Lion.liBeat GEOTAB LionEnergy ABB flo blink BTCPOWER NUVVE -chargepoint. CLIPPER CREEK RELIABLE. POWERFUL. MADE IN AMERICA. ON Bright Squad DICKINSON FLEET SERVICES LION ELECTRIC#19Supporting Customers in the EV Journey 19 Lead Lion Grants Order LionEnergy Account Support Delivery Lion.liBeat Lion Academy Bright Squad Lion Service Lion Parts Post- Delivery ❤ LION ELECTRIC#20Experience Centers 20 ( In Operation 1. St-Jérôme, Qc 2. Terrebonne, Qc Albany, NY 3. 4. Jacksonville, FL 5. Phoenix, AZ 6. Sacramento, CA 7. Los Angeles, CA 8. Seattle, WA In Operation by Dec. 31, 2021 9. Burlington, VT Richmond, VA 10. 11. Minneapolis, MN 12. Nashville, TN 4 Potential market for 10 additional Experience Centers by Dec. 31, 2022 ( ( ON LION ELECTRIC#21The Battery LIONS LIONS OO SCHOOL BUS LION UONM- LION ELECTRIC#22Battery Architecture 22 Lithium lon Polymer LG Chem CELL MODULE BUITI PACK *BMS: Battery Management System/BTMS: Battery Thermal Management System Spie DE 1 B 3 BMS* ELECTRIC CO 12918442 BTMS* ON LION ELECTRIC#23Cell FORM FACTOR 23 Pouch cell + ■ ■ Lithium lon Polymer LG Chem Optimized thermal management Purpose built form factor without compromises No generic form factor CHEMISTRY Prismatic cell + ■ ■ I Easy cell assembly into module Volumetric energy density More complicated to extract heat No generic form factor Cost NCA Lithium Nickel Cobalt Aluminum - Less available NMC = Lithium Nickel Maganese Cobalt - more available/higher energy density LFP = Lithium Iron Phosphate - less energy density Cylindrical cell + ■ 300 ON ■ 21706- ■ Generic form factor (cost and flexibility) SAN Cell with the latest technology Built-in safety and easy to contain thermal event Volumetric density not optimized Our next generation of battery will use 21700 cylindrical cells LION ELECTRIC#24Battery Management System (BMS) Oversees, controls and monitors everything that pertains to the battery 24 1. Determine and control the SOC (state of charge or remaining energy level) 2. Provide the SOP (state of power) 3. Determine the SOH (state of health) 4. Balance cells in terms of energy (voltage based) 5. Control contactors operation 6. Control of thermal management 7. Monitor cell voltages 8. Monitor cell temperatures SON LION ELECTRIC#25Battery Thermal Management System (BTMS) Keeps the temperature in the battery pack within a fixed range (between 20 and 30°C) Needs to cool and heat the battery pack 25 How do we cool the battery? Active Air cooling Active Liquid cooling (water/glycol) Direct liquid cooling (immersion) ● ● ● How do we heat the battery? Liquid system (glycol) Electric heater ● ON LION ELECTRIC#26Lion Battery Experience Extensive experience developing and integrating battery systems tailored for Lion vehicles 26 EnerDel Battery Packs Lion Battery Pack 2011 - 2014 H-ENERDEL™ NMC pouch 2.2kWh modules 26.4kWh / Pack ● 350 Vdc ● architecture BMS: LG Battery Pack: Lion 2014-2017 ( LG Chem ● ● ● ● NMC pouch 3.7kWh modules 44.4kWh / Pack 250 1000 Vdc BMS: Lion proprietary master slave architecture Battery Pack: Lion Custom battery form factors 2017 - Today ( ⒸLG Chem ● ● NMC prismatic 400-800 Vdc Active cooling Lion's gateway for high voltage usage Currently integrating Romeo technology for use in 2022 on some specific Lion models 2019 - Today 10 years of R&D in battery technology Lion proprietary battery management technology Custom battery form factors for Lion applications ON Proprietary thermal management system Multiple battery supply relationships; limited supplier dependence LION ELECTRIC#27Lion Battery (New Generation) 1 module & 3 pack configurations purposely built for our different applications 27 Medium Duty Pack Flat Pack 300 Heavy Duty Pack LION ELECTRIC#28Lion Battery (New Generation) 28 G LION Custom battery packs designed specifically for our purpose-built vehicles ON LION ELECTRIC#29Battery Manufacturing Techniques LION has partnered with JR Automation to industrialize the battery assembly Cell placement 29 Module assembly Cell bonding Pack assembly EOL testings LION ELECTRIC#30What's Next? 30 • Multi Chemistry and Alternative Chemistry battery cells- Improved Charge rate/ Lifecycle Other form factors (larger cells such as 4680,...) Light weighting of battery packs - composite materials, density improvements Solid State Batteries/or other disrupting technologies - Improved charge rate/ duration of charge/ safety. Less mass ● CON ● LION ELECTRIC#31The Battery Plant/ Innovation Center Mirabel LIONS 10 UON SCHOOL BUS LION ELECTRIC#32Rationale Behind the Battery Plant $ VERTICAL INTEGRATION OF THE MOST SIGNIFICANT COST COMPONENT ON OUR EVS Significant improvement in Battery Cost 32 REDUCED SUPPLIER DEPENDENCY Management of potential cell shortage, better pricing " INCREASED DESIGN FLEXIBILITY Perfect EV weight and Balance Increased onboard kWh CON LION STRONG POSITIONING FOR FUTURE INNOVATION First-mover advantage with disruptive technologies LION ELECTRIC#33Strategic Project Overview SITE ● 1.6 mm sq. ft. continuous on 20mm+ sq. ft. of available land 33 Located at the ADM/YMX airport in Mirabel, Quebec, Canada • 800,000 sq. ft. testing facility (repurposed runway) 15-minute drive from current Lion facility Boul De Mirabel Chemin St-Simon St-Simon Chemin St Simo Boulevard Nabel $******* CON LION Nolinor Aviation LION ELECTRIC#34Strategic Project Overview LAYOUT - BATTERY PLANT 34 B OF # O 24 1100 BE 1 04: FR OF SINT Ⓒ DON LION ● 165,000+ sq. ft. Highly automated 5GW annual throughput capacity Start of Production H2 2022 PROJECT TEAM Architect NEUF ARCHITECT(E)S Process & Manufacturing JR J General Contractor JR AUTOMATION POMERLEAU LION ELECTRIC#35Strategic Project Overview PERSPECTIVES 35 3 LION 0 LION 3 LION PON LION 1111 LION ELECTRIC#36Battery Plant and Innovation Center in Mirabel, QC 36 CAPEX Battery Plant and Innovation Center expected total capex of C$185mm Total project costs include: ● ● Building construction (Lion to be owner of buildings) o R&D (battery modules and packs) o Equipment purchase and installation Capex spend expected to accelerate starting Q4 2021 FUNDING ● ● CON LION Approximately $80mm (C$100mm) in funding support from the O Canadian Federal Government and from the Quebec Government o Term between 15 and 20 years o Low interest rate o 30% of loans balance is forgivable, subject to Lion meeting certain conditions Remainder (~$70mm) to be funded via cash on hand LION ELECTRIC#37The Joliet, IL Manufacturing Plant LIONS 10 LIONS SCHOOL BUS LION UONM- LION ELECTRIC#38Rationale Behind the Joliet, IL Plant 38 $ CLOSER PROXIMITY TO LARGEST PORTION OF NORTH AMERICA TAM Largest USA manufacturing plant for medium and heavy-duty EVs "MADE IN AMERICA" BRANDING Greater appeal to USA buyers "MADE IN AMERICA" MANUFACTURING Access to all USA funding, including federal, state, county and municipal funding CON LION PROXIMITY TO LARGER POOL OF SUPPLIERS LION ELECTRIC#39● Strategic Project Overview SITE 3835 Youngs Road, Joliet, Will County, Illinois 906,000 sq. ft. building on +60 AC of developable land Less than 60 min from downtown Chicago, Midway International Airport and O'Hare International Airport Close access to intermodal yards and third-party logistics 39 Pilot Travel Center WEames St fic US, 66 SBradley St Amazenwarehouse Amoco Rd El Frontage Rd Amoco Rd Empire Millwork Midwestern Gas Amazon ORD2 Amazon Amazon fulfillment Amoco Rd BETHLECHTENSCHREIEES Kence Whirlpool Corporation Amoco Rd SHOHENSTRASSE Borthern Gas Pipeline DH LION Clarius Park Joliet Younge Rd Amoco Rd General Express Ineos Enterprises Youngs Rid Youngs Rd CR England Drop Yard Joliet Truck Parking Amoco Rd LION ELECTRIC#403 (B) с D E (G H (к (L) M Strategic Project Overview LAYOUT - MANUFACTURING PLANT py -7 40 Femm **** PI F Ma MOR-E933 9393939 F + OFER Ludo 23 23 + 10 4 HH 10 00! 12 OF S ter 1888 8 JEDINS 11 (12) 2349 KAS -8=6 63 16 क G 20 dabe a WE OF H18 L - 19 Hogo 01 OF H 888888 ▬▬▬ 63000) (21) – ន (24 -1-1-1-1- (83) HI 25 189 H P 2. Babalo GIB BRAN 16688 H 26 000000000000 0000 27 H H FF il DEODEEODDEODBOG St 436 SF MAINTENANCE (26 (27 (28 3 0 TH 4 9 86 29 O O O O O O DON LION 905,000+ sq. ft. Highly automated 20,000 annual throughput capacity Start of Production H2 2022 PROJECT TEAM ● Architect OAB HEITMAN ARCHITECTS Process Σ MERKUR General Contractor Meridian DESIGN BUILD LION ELECTRIC#41Strategic Project Overview PERSPECTIVES 41 SOLAR PANELS H T PRODUCT DISPLAY VISITOR CONFERENCE ROOMS HOSPITALITY LOUNGE 4 THE LION ELECTRIC CO CON LION LION ELECTRIC#42Vehicle Manufacturing Facility in Joliet, Illinois 42 CAPEX • Vehicle manufacturing facility ● ● ● expected total capex of US$130mm Total project costs include: o Equipment and installation o Facility commissioning Capex spend is expected to accelerate starting Q4 2021 FUNDING Bulk of funding expected to come from cash on hand, supported by a number of government incentives Lion has qualified Illinois' EDGE incentive program ● ● CON LION ● o Supports growth projects through payroll tax credits Lion also qualified for the High Impact Business ("HIB") incentive program, which provides support through tax abatements Also assessing a number of additional funding programs at state and federal levels LION ELECTRIC#43Our Culture, Our People VE BOO H GENCY EXIT EMERGENCY E IS RI#44Our Culture, An Integral Part of our Growth Strategy 44 13 YEARS OF BUILDING A STRONG CULTURE Innovation Striving for excellence Work ethics • Trust and self-confidence Integrity and transparency Collaboration ● ● Agility/Nimbleness ● Autonomy/Initiating independently • Calculated risk taking How do we get where we want to go? THE FOUNDATIONS FOR CON CONTINUED SUCCESS What ● • Keep true to ourselves • Evolve by staying true to our culture Take necessary steps to hire people who fit our culture How ● • Proactive and aggressive talent acquisition strategy ● • Leverage our strong culture and current market positioning to accelerate recruitment Ongoing promotion of employer brand LION ELECTRIC#45The Four Pillars of Our People Strategy 45 FELD GOVERNANCE Robust up-to-date company policies Regulatory Requirements RECOGNITION & REWARDS Competitive Compensation Structure Culture of recognizing our successes ENVIRONMENT Overall Culture Wellness Engagement Diversity Internal Communication strategy CON 10 co 65 RIGHT PEOPLE, RIGHT PLACE, RIGHT TIME Talent Acquisition Strategy Talent Management Succession Planning Assessment of Critical Positions LION ELECTRIC#46Employee Breakdown* Administration 8% 46 Manufacturing/ Operations 52% Sales and Commercial Organisation 10% *August 2021 **September 2021 employee survey Engineering/R&D 30% EMPLOYEE SATISFACTION RATE OF 93%* ** TURNOVER RATE BELOW 5% CON We have doubled the workforce in 1 year and are starting our talent acquisition strategy for both the Joliet, IL manufacturing plant and the Battery plant/Innovation Center LION ELECTRIC#47Our Approach to Sustainable Development LION LIONS 100 800 LIONS SCHOOL BUS LION LION SCHOOL BUS SCHOOL BUS LION ELECTRIC#48Compelling Drivers For Integrating Sustainability Into our Strategy 48 Operational Efficiency Investor Expectations Climate and Business Risks Sustainability Strategy Competitive Differentiation CON Talent Attraction and Retention LION ELECTRIC#49Setting Strong ESG Pillar to Support Long-Term, Sustainable Growth 49 ● ● ● ● ● ENVIRONMENTAL Climate change Natural resource use Energy and water management Pollution and waste reduction or management Eco-design/material and innovation Sustainable land use Biodiversity Environmental incident frequency ● ● INTERNAL ● ● ● Human rights and labour standards Anti-harassment and workplace bullying BIPOC equity and rights Supply chain management Human capital Health, wellness and safety Diversity, equity and inclusion SOCIAL Employee relations and engagement EXTERNAL ● ● ● ● Community relations and charitable activities Cybersecurity and data privacy CSR Strategic partnerships and alliances ● ● DON GOVERNANCE Shareholder rights Board composition (independence and diversity) Executive compensation practices and policies Anti-corruption, fraud and bribery LION ELECTRIC#50Questions & Answers LION ELECTRIC