#1your LIONA LION BOWLIN 10 ހރގގހ . SCHOOL BUS UON LION LION ELECTRIC LIONC IKEA VERO ELECTRIC MONOKLING LIONM 100% ELECTRIC CIKEAS BOW B LION Investor Presentation May 2022#2Disclaimer 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 U.S. 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 U.S. manufacturing facility and its Quebec battery plant and innovation center, that Lion will not suffer any material disruption in the supply chain or parts, components and 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 govemment 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 U.S. 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; any adverse effects of the Russia-Ukraine war, which is increasingly affecting economic and global financial markets and exacerbating ongoing economic challenges, including issues such as rising inflation and global supply-chain disruption, 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 cost of labor, components, parts and raw materials used to manufacture Lion's products; Lion's reliance on key suppliers and any inability to maintain an uninterrupted supply of components, parts and 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 section 23.0 entitled "Risk Factors" of the Company's MD&A for the years ended December 31, 2021, 2020 and 2019 and in Item 3.D entitled "Risk Factors" of the Company's annual report on Form 20-F for the fiscal year ended December 31, 2021. 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 months ended March 31, 2022 and the Company's earnings release dated May 3, 2022, 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#31 | Business Overview 2 | Market and Customers Perspectives 3 Financial Highlights 4 Why Invest in Lion? 3#4Lion Electric at a Glance KEY FACTS First-mover in all-electric medium and heavy-duty urban vehicles Developing medium and heavy-duty all-electric vehicles and systems for 12+ years: fully focused on electric technology only 600+ vehicles on the road and over 10 million miles driven on our platforms ■ ■ ■ M VEHICLES ATTRIBUTES Purpose-built for electric, with our own chassis, bus body and truck cabin, proprietary battery system technology ■ ■ ■ " MANUFACTURING FOOTPRINT Factories in Montreal and Mirabel with existing combined capacity of 2,500 vehicles- per-year at scale ■ Multiple tier-1 clients in trucks (Amazon, Pride Group, IKEA, CN, etc.) and in buses (STA, First Student, National Express, Transdev, LA USD, ZUM, etc.) ■ 7 purpose-built electric truck and school bus models available for purchase today 5 new models expected to be launched by the end of 2022 Demonstrated favorable TCO vs. diesel ▪ Production at highly automated 5GWh battery factory in Mirabel on track to begin in H2 2022 Rapidly growing workforce of ~1,100 employees EXPERIENCE AND SERVICE CENTERS ■ Beginning of production in second half of 2022 at Joliet Illinois plant, which has a 20,000 vehicles-per-annum capacity at scale 3 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 RENDERING OF BATTERY PLANT & INNOVATION CENTER IN MIRABEL, QC 16.14 DEMERS MANUFACTURING FACILITY IN JOLIET, IL ONS MAN eFX AMBULANCE IN PARTNERSHIP WITH DEMERS AMBULANCES LION - MANUFACTURING FACILITY IN MONTREAL, QC LION6 & LIONC 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 LION ELECTRIC#5Comprehensive EV Line-up Available for Purchase Today 4 ALL-ELECTRIC MEDIUM AND HEAVY-DUTY URBAN TRUCKS LION6 1. LION8 Tractor LION8 LION8 Bucket 0 LION8 Reefer MODELS AVAILABLE FOR PURCHASE TODAY LION8 Refuse Commercialization and development of the Lion7, LionBoom and Lion Utility models expected to be deferred to 2023. PLANNED 2022 NEW PRODUCT LAUNCHES TO COMPLEMENT EXISTING LINEUP(1) LION5 AMBULANCE (In partnership with Demers) AMBULANCE PARAMEDIC DEMERS LIONM BONAJUGMA ALL-ELECTRIC BUSES LIONA UONA LIOND MISSION Be the leader in design, manufacturing and distribution of all-electric medium and heavy-duty urban vehicles SCHOOL BUS LIOND SCHOOL BUS LIONC LION ELECTRIC#6Lion Ecosystem Tailored to Electric Vehicle Fleet Operators 7 - EV EDUCATION AND VEHICLE SELECTION Data-driven vehicle education and selection advice to meet each customer's specific needs db. 6- DIRECT SALES APPROACH Highly specialized internal sales team focused on EV 5- AFTERMARKET SUPPORT Lion.liBeat Telematics solution providing real time analytics and ongoing maintenance services, saving customers time and money 1 - INFRASTRUCTURE SUPPORT LionEnergy Helping customers select and deploy charging infrastructure ahead of vehicle delivery X 100% ELECTRIC LIONS SCHOOL BUS 4- EXPERIENCE CENTERS Bright Squad Teams throughout the U.S. and Canada focused on ensuring a smooth transition to electric for all customers Customers can test all vehicle types Ŝ 2 - FINANCING SUPPORT Lion Capital Solutions Guiding customers by offering flexible and complementary financing solutions 3- GRANT TEAM Lion Grant Team 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 LION ELECTRIC#7Existing Manufacturing Footprint Montreal Manufacturing Facility Dedicated facility near Montreal, Quebec, serving as both manufacturing facility, R&D center and corporate headquarters ~200,000 ft² facility for the production of the LionC, LionD, and all electric trucks In-house R&D / testing center 6 ■ ■ ■ LION Mirabel Manufacturing Facility Recently opened new assembly facility close to Montreal manufacturing plant ■ ■ ■ 50,000 ft² facility for the manufacturing of the LionA and LionM minibuses (monocoque) Facility enables Lion to further optimize vehicle production Existing manufacturing footprint with a combined capacity of 2,500 vehicles-per-year LION ELECTRIC#8"Built-in-America" EV Manufacturing Facility New U.S. EV manufacturing plant located in Joliet, IL Highly automated production facility for zero-emission all-electric vehicles Capacity of 20,000 vehicles-per-year at scale ■ ■ ■ L ■ U ■ Took possession of 900,000 ft² shell building in January 2022 Working with Colliers International as construction project manager and Merkur for project planning and selection and commissioning of production equipment ■ Building construction is progressing well, with a focus now primarily on the interior of the facility Continue to receive equipment for the bus production line; have now received and installed the overhead cranes In parallel, working to finalize the production process Progressing on hires, which are currently focused on plant-level management ■ ■ Upcoming Milestones: Reception of equipment for bus production line and production stations installation Completion of building and tenant improvements Completion of hiring needs and training of production employees Remain on-track to produce first school buses out of the Joliet facility in H2 2022 ■ ■ ■ Closer Proximity to Largest Portion of North American TAM Rationale Largest U.S. manufacturing plant for medium and heavy-duty EVs Proximity to Larger Pool of Suppliers "Made in America Manufacturing" Access to federal, state, county, and municipal U.S. funding "Made in America Branding" Greater appeal to U.S. buyers PLACE UON ELECTRIC Al-Electric Vehicles Total Estimated Project Cost of -$150M ($115M in 2022) WAS PRECIOS mm mVER THE BOTERY 791447 CONGRESSMAN BILL FOSTER, CONGRESSMAN SEAN CASTEN, CONGRESSWOMAN LAUREN UNDERWOOD, SYLVIA GARCIA, ACTING DIRECTOR OF THE ILLINOIS DCEO AND NATE BAGUIO, SVP OF COMMERCIAL DEVELOPMENT OF LION ELECTRIC, AT LION'S JOLIET MANUFACTURING FACILITY -$27M Spent to Date ST Additional -$37M Engaged LION ELECTRIC#9Lion Campus - Battery Plant and Innovation Center Located in Mirabel, QC, near our existing manufacturing footprint Completed 100% of the steel structure for the battery plant building Large 1.6M ft² site with exclusive access to runway for vehicles testing and ample room for future expansion ■ ■ ■ 8 21700 cylindrical cell-based battery production Partnership with Ricardo for development of custom module ■ H ■ I Working with JR Automation (Hitachi) on conception tests for the commercial module production line, which will first be installed and commissioned at JR Automation's facility, and ultimately transferred to our Mirabel battery plant ■ L Innovation Center to focus on R&D: new advancements in performance, range, energy capacity and the development of innovative products (includes climate testing/battery destruction rooms) Completion planned for 2023 Retained an advisor to explore a potential sale-leaseback of the battery building Upcoming Milestones: Factory acceptance test of the commercial module production line at JRA's facilities ▪ Substantial completion of the battery plant building Site acceptance test of the commercial module production line at our battery plant Remain on-track to produce first modules and packs out of the Mirabel battery plant in H2 2022 Rationale L ■ Completed installation of prototype module line at JR Automation's facility in Troy, Michigan Produced first prototype pack, which is undergoing testing Producing additional prototype packs for testing purposes Projected Cost Savings Through Further $ Vertical Integration Significant improvement in Battery Cost Flexibility to Adapt to Emerging Battery Technologies Increased design flexibility and strong positioning for first-mover advantage with disruptive technologies (e.g., solid state) Increasing Supply Alternatives Management of potential cell shortage, many tier 1 OEM can supply 21700 cell technology Control Over Battery Design to Optimize Specifications Full control over battery specs, optimized for Lion vehicle platforms, optimal EV weight and balance including increased onboard kwh Battery Plant Adhesive Dispense Stations Cell Load Matrix Curing Press Total Estimated Project Cost of $180M ($100M in 2022) Lill m -$22M Spent to Date ASETAX Wire Bonding Process Laser Cleaning 00 Prototype Lion Module Prototype Lion Pack Additional ~$64M Engaged JEDE LION ELECTRIC#101 | Business Overview 2 Market and Customers Perspectives 3 Financial Highlights 4 Why Invest in Lion? 3#11Large Total Addressable Market Ripe for Electrification MEDIUM AND HEAVY-DUTY URBAN TRUCKS(¹) -335K Trucks / Year FEDERAL 1. 10 2. EPA's Clean School bus Program: H $7.5 Billion for EV infrastructure STATES / MUNICIPAL California: H ■ ■ ANNUAL TAM US$100B New York: New York City committed to electrify 100% of its school buses by 2035 New York State Governor proposing that 50,000 school bus fleet be 100% electrified by 2035 M $5 Billion Clean School Bus Program H + Diversified product line-up targets $110 billion annual TAM in the U.S. and Canada STRONG UNDERLYING SECULAR TAILWINDS DRIVING EV ADOPTION UNITED STATES CANADA ■ Boston: Plan to replace over 700 school buses with electric alternatives by 2030 17 states, DC and Province of Québec: signed Advanced Clean Truck MOU supporting rapid expansion of ZEV truck market 6 states have already adopted the ACT rule Lion submitted first application for credits $3.9 billion for EV in the 2021-2022 budget HVIP: $196 million in the first 2022 funding round FEDERAL U Zero Emission Transit Fund: C$2.75 Billion to support public transit and school bus electrification (incl. purchase of 5,000 zero emission buses) ■ SCHOOL BUSES(2) -45K School Buses / Year Infrastructure Bank of Canada Debt Funding Plan: C$1.5 Billion for public transit and school bus electrification ANNUAL TAM US$10B ■ New Federal Government Incentive: C$547.5 Million over 4 years for medium and heavy-duty ZEVS PROVINCIAL Québec: C$5 Billion to electrify 50%+ of transit buses by 2030 and C$250 Million for school bus electrification ■ ■ Registrations for ICE school buses no longer permitted: expecting 2,600 new electric school buses on the road within 3 years C$246 Million for EV trucks infrastructure through the new EcoCamionnage program British Columbia: $31 million for school buses and trucks through the SUVI program Expanded LCFS program to enable EV charging infrastructure owners to earn LCFS credits LION ELECTRIC Source: WardsAuto. Represents class 5, 6, 7 and 8 urban trucks, excludes class 8 trucks used for long-haul transportation, which represent -55% of total class 8 volumes. Assumes Canadian volume is 10% of U.S. Source: School Bus Fleet. Represents class C, D and A school buses.#12U.S. EPA-Clean School Bus Rebate Program ENVIRONMENTA 11 UNITED STATES AGENCY PROTECTION SCHOOL BUS LionC LION $500 million funding package available in 2022 out of the total $5 billion Infrastructure Bill program over 5 years Subsidies of up to $375K per school bus representing up to 100% of an all- electric school bus price School districts can apply for up to 25 school buses using a three-month application window from May 2022 to August 2022 ELIGIBLE LION ALL-ELECTRIC SCHOOL BUSES UNDER EPA PROGRAM LIOND LionD SCHOOL BUS 4 UON LionA SCHOOL BUS 00 LION ELECTRIC#13Most Lion Vehicles Have a Favorable TCO(¹) Versus Incumbent Diesel Vehicles 12 Cost Savings Over Life of Vehicle ■ ± 80% Energy Cost Savings vs. Diesel ▪ Recent increases in fuel prices have a significant favorable impact on the TCO value proposition of Lion vehicles Assuming a $5.00 per gallon diesel fuel prices 1. See "Appendix B - Total Cost of Ownership (TCO) ± 60% Maintenance & Repair Cost Savings vs. Diesel Estimated TCO % Savings vs. Diesel(1¹) Estimated Payback Period (1) Based on real data of -10M miles driven $ Significantly lower energy costs LION6 (252 kWh, 10-year useful life) -35% -5 years Lower maintenance and repair costs (fewer moving parts) TCO expected to significantly improve over time as cost and price of vehicles come down LIONC (126 kWh, 15-year useful life) SCHOOL BUS ~50% -2 years LION ELECTRIC#14Rapidly Growing Order Book 2,136 All-Electric Buses Purchase Orders(1) 13 286 All-Electric Trucks Purchase Orders(1) ~$600M Total Order Book (1) SA STUDENT TRANSPORTATION OF AMERICA LANGS TwinRivers C First Hydro School Bus Operators & School Districts Student C&S Wholesale Grocers Food & Beverages Zūm Québec MOLSON Coors Power Distributors national express AUTOBUS SÉGUIN AUTOBUS AGROPUR Dairy Cooperative CAMPEAU GREEN conEdison MOUNTAIN POWER BUSLINES Transport Canada Canada transdev Dry Creek Joint Elementary School District Waste Management HERITAGEⓇ PRIDEGje Freight & Logistics Bolt ENTERPRISES OLE GROUPE Keolis TRANSBUS TRANSPORT SCOLAIRE, SPECIALISE, NOUISE TIN amazon CN Retailers & E- Commerce SAQ ANSA 1) As of May 3, 2022. The Company's vehicle and charging stations order book, expressed as a number of units or the amount of sales expected to be recognized in the future (at the applicable time of delivery) in respect of such number of units, 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 subsidies or economic incentives have been made by the applicable clients and the Company. The vehicles included in the vehicle order book as of May 3, 2022 provided for a delivery period ranging from a few months to the end of the year ending December 31, 2025. Substantially all deliveries are subject to the granting of subsidies and incentives with processing times that are subject to important variations, and 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. 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. See "Financial Information; Non IFRS Financial Measures and Other Performance Metrics". See "Appendix -Non-IFRS Financial Measures and Other Performance Metrics" for a full description of the methodology used by management in connection with the order book. High visibility with 2,422 purchase orders (1) in hand and repeat orders from Tier-1 clients 84 vehicles delivered in Q1 2022 (12 trucks and 72 buses - 80 in Canada and 4 in the U.S.) CANADA POST 03TE5 BOARD OFF DAY ROSS POSTES CANADA ecomaine IKEA LION ELECTRIC#15Long-Term Purchase Agreement with Amazon COMMERCIAL CONTRACT HIGHLIGHTS Multi-year purchase agreement for the purchase of up to 2,500 Lion6 and Lion8 trucks at Amazon's discretion 14 ■ Agreement executed in June 2020 Lion to reserve necessary manufacturing capacity to deliver up to 500 trucks per year until 2025 and 10% of manufacturing capacity from 2026 to 2030 Lion committed to provide ongoing maintenance and training assistance ■ ■ Amazon equity warrant Potential to obtain up to 15.8% ownership stake in Lion(¹1) ■ ■ EQUITY WARRANT HIGHLIGHTS 1. Full vesting requires spending at least $1.1 billion on Lion products (3% already vested (1)) Warrant exercise price of $5.66 8-year vesting period, starting June 2020 Ⓒ100% Electric Based on the numbers of common shares issued and outstanding as of March 31, 2021, on a partially diluted basis. delea hiperent Zar amazon 100% 2 prime Agreement in place for the supply of up to 2,500 all-electric urban trucks over 5 years LION ELECTRIC#161| Business Overview 2| Market and Customers Perspectives 3 | Financial Highlights 4|Why Invest in Lion? ③#172021 Results Overview 16 $23.4 FY2020 FY2021-2020 REVENUE Revenue (US$ millions) $57.7 FY2021 ■ 2021 Highlights 196 vehicles delivered in 2021 vs. 80 in 2020 Gross profit of nil in 2021 Adjusted EBITDA¹ of ($27.6) million and net loss of ($43.3) million in 2021 $45.5 million in acquisition of intangible assets, which mainly consists of R&D activities $28.6 million in CAPEX, including $12.6 million for Joliet and $5.3 million for Lion Campus 1) Non-IFRS measure. See "Financial Information; Non-IFRS Financial Measures and Other Performance Metrics". This measure is also defined in the Appendix C, which also includes a reconciliation to the most directly comparable IFRS measure. LION ELECTRIC#18Q1 2022 Results Overview 17 $6.2 Q1 2021 Q1 REVENUE ■ Revenue (US$ millions) $22.6 Q1 2022 ■ ■ ■ Q1 2022 Highlights Record number of 84 vehicles delivered in Q1 2022 vs. 24 in Q1 2021 ■ Gross margin of ($0.9) million in Q1 2022; margin significantly impacted by additional millions of dollars of unabsorbed investments related to manufacturing capacity ramp-up and lower ASP Adjusted EBITDA¹ of ($11.3) million and net earnings of $2.1 million $15.0 million in acquisition of intangible assets, which mainly consists of R&D activities ■ $34.9 million in CAPEX $14.2 million spend on Joliet facility and $17.2 million for Lion Campus included in CAPEX & R&D 1) Non-IFRS measure. See "Financial Information; Non-IFRS Financial Measures and Other Performance Metrics". This measure is also defined in the Appendix C, which also includes a reconciliation to the most directly comparable IFRS measure. LION ELECTRIC#19A Solid Balance Sheet to Accelerate Lion's Growth Plans 18 1. 2. Robust balance sheet ▪ $155M of cash on hand as of March 31st, 2022 $80M(¹) in low/no interest government loan for Lion Campus, 30% of which is forgivable Undrawn revolving bank facility of $200M Clearly identified upcoming capital requirements for strategic growth projects "Built-in-America” U.S. EV manufacturing facility: Expected total capex of ~$150M to completion Battery manufacturing plant & innovation center: Expected total capex of ~$180M(¹,2) to completion CURRENT LIQUIDITY OF UP TO $435M $280M REMAINING TO BE SPENT ON OUR TWO GROWTH PROJECTS C$ figures converted to US$ using an exchange rate of 0.80x. The Company plans to explore a sale and leaseback transaction with respect to the battery facility. The expected total capex figure shown does not take into account any proceeds that could potentially result from any such transaction LION ELECTRIC#201 | Business Overview 2 | Market and Customers Perspectives 3 Financial Highlights 4 Why Invest in Lion? 4#21Lion Established Clear Growth Objectives 20 4 0000 4 D Key Initiatives Continue ramp-up in orders and deliveries Increase pace in production and deliveries, grow order book¹ and repeat orders and accelerate tier-1 client adoption Expand vehicle line-up 8 new vehicles in development (LionD, LionAmbulance, Lion5, Lion7, Lion8 Bucket, Lion8 Tractor, LionBoom, and Lion Utility) Execution of strategic plan Ramp-up of U.S. vehicle plant, continue construction of highly-automated battery factory and innovation center and expand Experience Centers footprint Grow workforce and senior management team Long-term growth through continued building of a strong and knowledgeable experienced team 1) As of May 3, 2022. See footnote 1) on page 13. See "Appendix -Non-IFRS Financial Measures and Other Performance Metrics" for a full description of the methodology used by management in connection with the order book. LION ELECTRIC#22...On Which It Significantly Delivered "Made in America" Manufacturing Facility Took possession of 900,000 ft2 building in Joliet, Illinois (construction of shell building is complete. Current focus now primarily on the interior of the facility) Continue to receive equipment for the bus production line; have now received and installed the overhead cranes, while working to finalize the production process 21 ■ Current headcount of ~1,100 with 300+ engineering and R&D professionals ▪ GM hired for U.S. manufacturing site, plant staffing ramping-up ■ Build-Out of the Lion Team 1) 2) Filled key positions, including CCO, CPO, CIO, CLO, SVP Strategic Initiatives, SVP, Procurement & Supply Chain DRENGER DIT BEVERCOME H · H ■ 1 - ■ H Lion Campus (Battery Factory + Innovation Center) Completed 100% of the steel structure for the battery plant building Completed installation of prototype module line at JR Automation's facility in Troy, Michigan Produced first prototype pack, which is undergoing testing Producing additional prototype packs for testing purposes Production set to commence in H2 2022 Secured $80M(1) in governmental support by way of low/no interest loans Model Launches Unveiled purpose-built, all-electric ambulance (in partnership with Demers Ambulances) based on a Lion5 chassis LION Partnerships with upfitters Delivery of first LionA, LionM, LionD, LionAmbulance, Lion8 Refuse, Lion8 Bucket, and Lion8 Tractor expected in 2022 Purchase Order Momentum Secured a significant amount of new purchase orders since public listing; current order book of 2,422 units provide revenue visibility of $600M(²) C$ figures converted to US$ using an exchange rate of 0.80x. As of May 3, 2022. See footnote 1) on page 13. See "Appendix -Non-IFRS Financial Measures and Other Performance Metrics" for a full description of the methodology used by management in connection with the order book. DEMERS LIONS BAJU LION ELECTRIC#23Established EV Company with Vehicles on the Road and Proven Technology 22 DDO ( LION ECOLIERS LIONC Established commercial EV OEM with 12+ years of R&D and manufacturing experience and 600+ EVs on the road, having collectively travelled 10M+ miles Massive $110 billion annual TAM in the U.S. and Canada in medium- and heavy-duty EVs, with strong secular tailwinds accelerating fleet electrification Commanding leadership in the all-electric school bus space, based on customer deliveries (550+) and order book of 2,100+ electric buses (¹) Uniquely positioned to lead the medium- and heavy-duty truck segment, with purpose-built vehicles available for purchase today and a growing list of Tier 1 clients Ongoing strategic projects to further support growth plan: 20K vehicle- per-annum U.S. plant and 5GWh battery plant, leveraging over a decade of battery and vehicle electrification R&D Solid balance sheet with current liquidity of up to $435M 1) As of May 3, 2022. See footnote 1) on page 13. See "Appendix - Non-IFRS Financial Measures and Other Performance Metrics" for a full description of the methodology used by management in connection with the order book. LION ELECTRIC#24Appendix A-Management Team MARC BÉDARD CEO Founder 23 pwc FRANÇOIS DUQUETTE Vice-President - Chief Legal Officer and Corporate Secretary THE LION ELECTRIC CO CDPQ ALLEN & OVERY NICOLAS BRUNET Executive Vice-President and Chief Financial Officer BMO BMO Capital Markets *Rothschild & Co NATHALIE GIROUX Chief People Officer 5 UNI-SELECT. CAE MOLSON COORS p P YANNICK POULIN Chief Operating Officer Electrolux ▲ R A SECURITY D O XⓇ SYSTEMS XLFleet BRIAN S. PIERN Chief Commercial Officer element FRANÇOIS BEAULIEU Chief Information Officer AIR CANADA \} WSP BANQUE NATIONALE () COGECO ROCCO MEZZATESTA Senior Vice-President, Product Development & Engineering and Chief Technology Officer TESLA TOYOTA Ford LION ELECTRIC#25Appendix A - Corporate Team ISABELLE ADJAHI Vice-President - Investor relations and Sustainable Development wsp JUD KENNEY Senior Vice-President, Procurement & Supply Chain AXCAN PHARMA ALSTOM BUMBAJADIER 24 #RAY? NATE A. BAGUIO Senior Vice-President, Strategic Initiatives First Student PHILIPPE LEBLANC Vice-President - R&D and Engineering Pelican WILLIAM BLANCHARD Head of Lion Capital Solutions BMO AON Hewillt BMO Capital Markets BENOÎT MORIN Vice-President - Bus Sales - Canada BOMBARDIER RICHARD COULOMBE Senior Vice-President, Strategic Initiatives ALSTOM KUMBARDIER 443078 MARC-ANDRÉ PAGÉ Vice-President - Commercial Operations 4 THE LION ELECTRIC CO PATRICK GERVAIS Vice-President - Marketing and Communications Ogilvy VINCE SPADAFORA Vice-President - Financial Reporting GILDAN Deloitte. LION ELECTRIC#2625 Appendix A - Board of Directors PIERRE LAROCHELLE Chairman - CEO, Power Energy Corporation ■ ■ 20+ years of experience in various senior executive positions Extensive corporate governance and executive leadership experience ANN L. PAYNE Director 25+ years of leadership experience, including as Audit Partner atPwC ■ ■ MICHEL RINGUET Lead Director PIERRE-OLIVIER PERRAS Director - President, Power Energy Corporation ■ 30+ years of experience in various senior executive positions Extensive financial and investment expertise 20+ years of leadership experience Extensive mergers and acquisitions and corporate finance expertise MARC BEDARD Director - CEO-Founder, Lion Electric Founded Lion in 2008 20+ years of prior experience in various senior executive positions, including as a Partner at PwC LORENZO ROCCIA Director Chairman, Transatlantic Holdings ■ Founder & Chairman, Transatlantic Power Holdings and Non-Executive Director, Skyline Renewables Extensive experience in leadership, finance and public policy SHEILA C. BAIR Director 25+ years of legal and regulatory experience Extensive experience in global capital markets, financial risk management, regulation and public policy PIERRE WILKIE Director - Co-owner, M.A.C. Métal Architectural 20+ years as a serial entrepreneur who has founded or participated in the creation of many enterprises, including in manufacturing Leadership and management expertise LION ELECTRIC#27Appendix B - Total Cost of Ownership (TCO) Note: TCO has been calculated based on the vehicle purchase price and the estimated energy costs and maintenance and repair costs over the projected useful life of the vehicle. Energy costs are estimated at $0.10/kWh for electric vehicles across all platforms. Diesel exhaust fluid (DEF) cost and consumption for diesel are estimated at $3.50/gallon and $5.00/gallon and 3.0% of fuel, respectively, for all diesel platforms. All truck platforms assume a residual value of 10% and all bus platforms assume no residual value. The TCO with respect to buses has been calculated taking into account the impact of subsidies, which are dependent on geography and governmental laws, regulations and programs which are subject to change from time to time. For purposes of this presentation, it is assumed that grants and subsidies will represent approximately 50% of the purchase price for a vehicle sold in Canada, and approximately 30% for a vehicle sold in the United States. The TCOs have also been calculated using the following additional assumptions: 26 LION6 LIONC Assumed Mileage 52,000 13,500 Consumption 1.26 kWh/mile (vs 7.00 miles/gallon for diesel) 1.18 kWh/mile (vs 5.50 miles/gallon for diesel) Maintenance & Repair Costs $0.16/mile (vs $0.40/mile for diesel) $0.22/mile (vs $0.54/mile for diesel) LION ELECTRIC#28Appendix C - Non-IFRS Measures and Other Performance Metrics 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 months ended March 31, 2022, and 2021. 27 ■ . Revenue Net earnings (loss) Finance costs Depreciation and amortization Share-based compensation(¹) Change in fair value of share warrant obligations(²) Foreign exchange loss (gain)(3) Transaction and other non-recurring expenses(4) Income taxes Adjusted EBITDA Unaudited Three months ended March 31, 2022 (in thousands) $22,647 $2,102 $1,178 $1,983 $3,795 $(21,456) $911 $169 2021 $6,225 $(16,114) $3,907 $984 $5,205 $(75) $(179) $410 $(11,318) $(5,861) (1) Represents non-cash expenses recognized in connection with the issuance and revaluation to fair value of stock options issued to participants under Lion's stock option plan as described in note 9 to the unaudited condensed interim consolidated financial statements as at and for the three months ended March 31, 2022 and 2021. (2) Represents non-cash change in the fair value of the share warrant obligations as described in note 8 to the unaudited condensed interim consolidated financial statements as at and for the three months ended March 31, 2022 and 2021. (3) Represents non-cash losses (gains) relating to foreign exchange translation. (4) Represents professional fees related to financing transactions and other non-recurring professional fees. LION ELECTRIC#29Appendix C - Non-IFRS Measures and Other Performance Metrics Order Book Methodology 28 General Principle: The company's vehicle and charging stations order book, expressed as a number of units or the amount of sales expected to be recognized in the future (at the applicable time of delivery) in respect of such number of units, 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 subsidies or economic incentives have been made by the applicable clients and the company. The vehicles included in the vehicle order book as of May 3, 2022 provided for a delivery period ranging from a few months to the end of the year ending December 31, 2025. Substantially all deliveries are subject to the granting of subsidies and incentives with processing times that are subject to important variations, and 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. 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 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 May 3, 2022 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, 2025. 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 deliveries are subject to the granting of subsidies and incentives with processing times 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. 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 "Ongoing Evaluation; Risk Factors" below. 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 may not be comparable to other similarly entitled measures computed by other companies, because all companies may not calculate their order book, order backlog, or order intake in the same fashion. 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. Ongoing Evaluation; Risk Factors 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 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 into actual sales is dependent on various factors, including those described below and in section 23.0 entitled "Risk Factors" of the company's Annual MD&A, and in Item 3.D entitled "Risk Factors" of the Annual Report. For instance, a customer may default on an order, may become subject to bankruptcy or insolvency or cease its business operations. In addition, substantially all of the orders included in the order book are subject to conditions relating to the granting of governmental subsidies and incentives or the timing of deliveries 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, under the Federal's Infrastructure Canada's Zero-Emission Transit Fund ("ZETF"), and under California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP). The termination, modification, delay or suspension of any such governmental subsidies and incentives could result in delayed deliveries or the cancellation of all or any portion of such 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. As of May 3, 2022, the company's vehicle order book stood at 2,422 vehicles. The execution of the company's growth strategy and the conversion of its order book will therefore require significant ramp-up in its production. While the company's Saint-Jerome facility currently has an annual production capacity of 2,500 vehicles at full scale and it is in the process of establishing its operations at the Joliet Facility and the Lion Campus, the company has limited experience to date in high volume manufacturing of its vehicles. In addition, as of May 3, 2022, approximately 270 units included in the order book, representing a combined total order value of approximately $115 million, related to products which had been developed and were being sold, but that were not in commercial production. Any failure by the company to successfully develop 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. LION ELECTRIC#30Thank You