#14 LORDSTOWN Lordstown Motors Corp. (Nasdaq: RIDE) Investor Presentation January 2021#2Disclaimer The statements in this presentation that are not historical facts, including statements regarding future financial performance, are forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those currently anticipated or expected by management of Lordstown Motors, Inc. (the "Company"). These risks and uncertainties include, among others, risks associated with worldwide demand for drilling services, level of activity in the oil and gas industry, renewing or replacing expired or terminated contracts, contract cancellations and terminations, maintenance and realization of backlog, impairments and retirements, operating risks, regulatory initiatives and compliance with governmental regulations, litigation, rig reactivations, and various other factors, many of which are beyond the Company's control. A discussion of the risk factors and other considerations that could materially impact the Company's overall business and financial performance can be found in the Company's reports filed with the Securities and Exchange Commission (the "SEC") and readers of this report are urged to review these reports carefully. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of such statement, and the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based. The Company uses non-generally accepted accounting principles ("non-GAAP") financial measures in this presentation. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flows that excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Management believes that an analysis of this data is meaningful to investors because it provides insight with respect to ongoing operating results of the Company and allows investors to better evaluate the financial results of the Company. Non-GAAP financial measures should be considered to be a supplement to, and not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. Investor Presentation | January 2021 2#3Company Overview Tuesday 12.25pm POWER FEE OURCE D#4Lordstown Motors Corp: Company Snapshot Company Facts Founded: Apr. 2019 # of Employees (1): 436+ Headquarters: Lordstown, OH Facility: 6.2mm ft² Investment Facts . Publicly-listed (2): Oct. 2020 • Exchange: Nasdaq Ticker: RIDE Shares Outstanding(3): 174MM Market Cap.: $4.09B (@1/7/21) Lordstown develops and manufactures light duty electric trucks targeted at fleet customers. Its flagship vehicle, the Endurance, is an electric full-size pickup truck due in September 2021. (1) as of Jan '21, includes 100+ contractors, (2) via business combination with Diamond Peak Holdings Corp (DPHC), (3) Class A shares includes conversion of 9.3M public warrants Investor Presentation | January 2021 4#5Investment Highlights Theme Energy Transition Start-Up Culture Established Infrastructure/Partners Focused on Cost Conscious Customer First to Market LORDSTOWN Contributing to electrification of the powertrain that will reduce global CO2 emissions Experience in starting up new electric vehicle automotive ventures (e.g., Workhorse Group, Tesla) Near production-ready plant purchased from GM; GM, Elaphe, Samsung are among key suppliers Fleet customers make decisions based on practicality and wallet; Endurance estimated to deliver >25% reduction in TCO vs. similar ICE vehicle over 5-year period > 100,000 pre-orders (as of 1/11/21; September 2021 delivery materially ahead of peers' (more expensive) offering Investor Presentation | January 2021 5#6Leadership Team Rich History of Experience Across Electric Vehicle Companies, Start-Ups and Traditional OEMs Steve Burns Chief Executive Officer World-class innovator behind every product developed and sold by Workhorse Co-founder and former CEO of Workhorse Group 35+ Years of Experience Rich Schmidt President Leading force behind the design, conversion, and improvement of over 12 automotive plants, including Tesla's facility in Fremont, CA 30+ Years of Experience Shane Brown Chief Production Officer Diverse manufacturing experience in several automotive sectors. Worked in many plant startups including new ventures at Hyundai and Volkswagen 28+ Years of Experience NSSAN TOYOTA HYUNDAI WORKHORSE NUANCE GANNETT TESLA T HYUNDAI J.D. POWER KIA HONDA NEW FLYER Darren Post Chief Engineering Officer Over 30 years of experience with automotive OEMs, most recently developing Karma Automotive's plug-in hybrid electric vehicle 30+ Years of Experience John Vo VP of Propulsion Served as Tesla's Head of Global Manufacturing from 2011-2017 before leaving to start his own company focused on powertrain development 25+ Years of Experience KARMA GM ALT❘e DELPHI TESLA T AIKAR MiaSolé Thin-film solar Honeywell CYPRESS Julio Rodriguez Chief Financial Officer Coordinator of multiple successful capital raises financing the development and production of EVs for commercial fleet operators 30+ Years of Experience 兒 WORKHORSE HAPA Qurula FEDERAL MOGUL Investor Presentation | January 2021 9#7Introducing the Lordstown Endurance 4 in- wheel Estimated $52,500 MSRP(1) ~250 Hub Electric Motors Miles Per Charge ANDUOFFICE 3 Yr. Bumper- to-Bumper; 8 Yr. Battery Warranty Estimated Estimated 75 "Frunk" (Front MPGe Trunk) 7,500 lbs. Towing Capacity eeeezy Endurance delivers superior torque, traction, towing capacity and space versus the competition (1) Exclusive of $7,500 tax credits Investor Presentation | January 2021 7#8Market Outlook & Endurance Overview#9Market: Profitable Target Segment Light Trucks have been taking share for more than a decade Powertrain Weighting (% of Total US Vehicles) US Annual Sales - Light Truck (1) vs. Car 3 % 10% 1 % 2% 5 % 5 % 2% -74% 17.6 20% 17.5 16.6 16.2 16.5 15.6 17.2 17.3 17.0 60% 15.1 ~51% 13.3 14.5 12.8 11.6 95% 65% 33% 8.1 7.9 7.0 5.7 6.0 6.3 7.5 7.8 7.7 7.6 6.9 6.1 5.4 4.7 3.9 2020E 2030E 2040E 2006 2008 2010 2012 2014 2016 2018 LTM Car LTR % LTR 8.4 8.3 10.4 8.8 7.8 9.9 10.7 7.0 11.1 12.0 12.3 6.2 6.4 11.2 5.6 4.7 ■ICE & Other EV PHEV HEV EVS projected to grow at a ~30-35% CAGR to 2030, providing a long-term tailwind • EV penetration expected to hit 60% in the US by 2040 Source: Public sources, third-party analysis, and management estimates. (1) Light Trucks = SUVS, CUVs, Pickups E • . Continued trend of light truck dominance within the auto industry supports Lordstown's mission ⚫ Light trucks provide the ideal platform for Lordstown's EV and hub motor technology Investor Presentation | January 2021 6#10Market: Large TAM - Secular Tailwinds for EVs & Trucks Strong Demand (1) >100,000 ~580 unit • Pre-Orders Avg. Order Large Total Addressable Market Annual Total US Sales Figures ~12MM(2) US light duty vehicles ~3MM Total US pickups ~1.3MM Total US Fleet pickups ~$600B Light Duty US Market ~$150B Total Pickup US Market ~$65B Fleet Pickup US Market • Market Highlights Pickup truck market is the most profitable segment of the auto industry Highly attractive fleet market: . • . . No complex retail sales network Large order volumes with sticky contracts across industries Highly underserved market with no EV- focused competitors targeting the space Competitive in critical metrics fleet buyers emphasize, including total cost of ownership (TCO) Significant Endurance interest from governmental agencies, many of which have no EV options • 80% of fleet customers surveyed have expressed a preference for the Endurance versus traditional vehicles • Potential to Enter SUV market longer-term Source: Public sources, third-party analysis, and management estimates. Note: Market sizes for US. Assumes average vehicle price of $50,000 (1) As of early January 2021. Note that orders are non-binding, (2) Light duty includes SUV, CUV and Pickup Trucks Investor Presentation | January 2021 10#11Endurance: Lower Total Cost of Ownership >25% Lower Total Cost of Ownership 5Y TCO Comparison¹ Initial Cost Price Per Unit Fuel Cost Maintenance Cost All-Electric 7,000 lbs. GVW 75 MPGe Fuel Economy 3,000 lbs. Payload ~250 mi Range ~$360/yr. Maint. Costs LMC Endurance $52,500 $0.13 Per kWh $5,200 Internal Combustion 6,700 lbs. GVW 15 MPG Fuel Economy 2,040 lbs. Payload 400 mi Range ~$1,025/yr. Maint. Costs Ford F-150 $51,775 $2.57 Per Gallon $14,280 $5,125 Fed. Tax Credit Total Difference $1,800 ($7,500) $52,000 $19,180 N/A $71,180 Source: Public sources, third-party analysis, and management estimates. Note: Third party market study available upon request. ¹ Based on Lordstown TCO calculator publicly available on company website. Assumes annual mileage of 20,000 per year, 5-year service life, and cost of gas of $2.57 per gallon in the US, the national average as of 09-Dec-2019 per AAA. Investor Presentation | January 2021 11#12Endurance: Unique and Efficient Design Hub Motors - 5 years of experience licensed from Elaphe Propulsion Technologies Electric motor incorporated into each wheel hub drives it directly and results in less wasted motion Hub Motors Provide a Unique Competitive Edge Inverters Suspension for Hub Motors In-Wheel Hub Motor • No drivetrain components • . • • • • Regenerative braking in every wheel Differentiated traction and performance High maneuverability for cities & construction sites Designed for pickup duty cycle Improved efficiency for work truck speeds Repeated 100G impact tests with no issues (can withstand a pothole at 60 mph) > 620K miles bench & vehicle testing - > 180K miles fatigue & accelerated loads Assembled in-house by LMC Hub Motor Source: LMC Crash-Optimized Frame & Body Battery Pack אפה elaphe Propulsion Technologies Investor Presentation | January 2021 12#13Endurance: Battery Technology Lordstown's Battery Strategy Relies on Proven Concepts to Facilitate Production Timing Battery pack 109 kWh configuration Whod Drive System • Execution Building an 800,000+ square foot battery pack and hub. motor production and assembly facility Cylindrical batteries are a tried and tested concept • Uses 21,700 cell configuration from two leading battery OEMs, similar to that used by other mass-market EV players Works on a similar system to Tesla's Model 3 using internally developed battery BMS and thermal management system The Lordstown team has experience implementing similar battery technology . Technical Superiority Designed to last 1,000 charge cycles, with each charge offering ~250 miles Offers total battery capacity of 109kWh for the base version • Offers strong modularity • • based on a double deck skateboard Protected by reinforced frame & body Includes liquid cooling in combination with HVAC to drive efficiencies further Source: Management estimates Investor Presentation | January 2021 13#14Endurance: Better than the Competition Only EV Player Providing a Full-Size Pickup Focused on Commercial Fleets Lordstown Endurance vs. Key Competitors LORDSTOWN. RIVIAN ↑ TESLA NNIKOLA Ford GM Launch Timing 2021 2021 2021 N/A 2022 2022 Commercial Fleet Focus? × ? Full-Size × Pickup? Expected Price $45,000+ ~$67,500+ ~$69,900 ~$67,500+ TBD Endurance Mid-Tier R1T Cybertruck Mid-Point Pricing Range of Badger F-150 Electric × ~$70,000 Hummer EV Source: Public sources, third-party analysis, and management estimates. Note: Ford and GM images are illustrative. 'Net of $7,500 tax credits. Investor Presentation | January 2021 14#15Endurance: Partnerships De-risk Execution Proven parts and technology secured with top-tier partners will help bring Endurance to market faster and at a lower cost while lowering execution risk Design and Component Highlights Skateboard chassis design Body-on-frame design based on proven pickup truck chassis that has been refined over multiple generations GM components (1): Airbags, seat structures, switches & locks, steering wheel, and HVAC • Battery pack produced in-house using cylindrical cells Leading hub motor technology provider Vehicle Component Suppliers: Elaphe is the leading developer of hub wheel motors for light vehicles Select Elaphe OEM Relationships Audi R8 Prototype M W LAND- -ROVER X6 Concept Plant Integrators: Battery Cells Hub Motors Metal Stampings Chassis SAMSUNG elaphe Propulsion Technologies LOADSTOWN LORDSTOWN Tires Non-Customer Facing Components¹ General Assembly Paint Line Stamping & Body Shop GOOD YEAR GM DÜRR GREATECH DURR FANUC enesis Systems Group, LLC Investor Presentation | January 2021 15 1 To be negotiated with Tier 1 suppliers through GM's supplier network#16Auto Design & Engineering Team in Farmington Hills LMC opened its first design and engineering office in the heart of the automotive engineering talent world just outside of Detroit Over 100 employees and over 40 engineers located in Farmington Hills, MI office • Team focuses on Endurance design, engineering, test and validation, and future vehicle development Endurance skateboard was built and tested at the Farmington facility Endurance Skateboard Source: LMC LMC Engineers Hard at Work Investor Presentation | January 2021 16#17National Service Partner & Customer LMC and Camping World (NYSE: CWH) are partnering on several fronts, including a national service rollout, two product initiatives and a parts network National Service & eRV Opportunities • Nationwide electric vehicle (EV) service network-CWH has 170 locations (and growing) that will provide a national EV service and collision network, as well as fast-charging infrastructure • Camping World has thousands of technicians and service bays, a 24/7 hotline and Good Sam's Roadside Assistance Program • Developing two products on the Endurance platform: (1) a Li-Ion pack replacement for on board gas generators for towable trailers; (2) electrified sprinter van that CWH will customize into a class 3 recreational vehicle (RV) • Training of maintenance staff and the development of an elaborate parts network Sprinter Van - Class C Source: Company reports Good Sam LORDSTOWN Source: Management estimates, Camping World CAMPING WORLD Investor Presentation | January 2021 17#18• . Government: Secular Tailwinds = Support Regulatory and Government Tailwinds for Lordstown's Mission 14 states have adopted California's zero-emission vehicle standards (requiring OEMs to sell EVs) Customers to receive a $7,500 tax credit for the first 200,000 trucks produced by LMC (estimated to support sales through 2024); potential for cap to be expanded to 600,000 units per OEM December 2020 received $20M in jobs creation tax credits from Jobs Ohio . Biden-elect administration heavily in favor of expanding financial and regulatory support for clean energy programs and electrification of vehicles Potential Government DEPARTMEN UNITEDS ED STATES OF ENERGY PAMERICA SOF JobsOhio Mahoning Valley, the Heart of Ohio's Auto Industry Lordstown is focusing on transforming region into 'Voltage Valley', a cluster of companies to drive the industry's electrification WELCOME TO VOLTAGE VALLEY RIDE WITH LORDSTOWN Investor Presentation | January 2021 18#19Production Overview#20Start-Up Support from General Motors A Relationship Structured to Enable Success GM ✓ The Lordstown Complex transferred in a near production-ready state and is capable of large annual production volumes with only modest incremental investment ✓ Transition services provided and critical environmental permits transferred to expedite LMC's restart of operations RIDE WITH LORDSTOWN ✓ Access to GM parts catalogue saves months in design timing and millions in certification costs GM invested in the PIPE Investor Presentation | January 2021 20#21State of the Art Manufacturing Facility Lordstown Complex: Unique Opportunity to Leverage an Existing, Fully Equipped Plant Voltage Valley, USA Legend: A. Stamping B. Body Shop C. Paint Shop D. General Assembly E. Central Maintenance F. Administration G. Rail Loading Station H. Solar Panel Array 1. Battery Line J. Hub Motor Line B F Lordstown, OH Est. Replacement Value Est. Annual Vehicle Capacity 600,000+ Source: Management estimates $3.0B Plant Size 6.2M Square Feet Vehicles Costs to Reconfigure Plant ~$120M Fully Equipped Plant Stamping, Robots, Assembly, Paint Solar Energy Supported Investor Presentation | January 2021 21#22State of the Art Battery Pack Production Lordstown Complex: Building 800,000+ sq ft. Hub Motor and Battery Pack Production Lines PERS Pack includes an Internally developed battery management system (BMS) and thermal management system Cell independent with long-term agreement with two major global cell suppliers First Endurance will utilize 109 kWh/battery pack configuration Source: Management Investor Presentation | January 2021 22 22#23· • Modest Facility Retooling Needs ~$120MM Modest retooling + reconfiguration needs, but greater vehicle Estimated Investment Stamping New soft tooling for three presses required for production The remaining four presses could be removed and sold at auction demand means we are likely to expand the plant Body Shop Minimal investment required in new fixtures, welding tools, and a truck box robotic cell $32MM • . Paint Equipment in place and sufficient in size to manufacture Endurance Converting paint line from dry powder coating to "wet on wet" paint $16MM • Battery Packing Hub Motor Manufacturing Reconfiguration • Electric in- • wheel hub motor of area above final assembly to create a battery packing assembly line New robot tooling and quality & test equipment required $27MM production line requires purchase of additional CNC machines, tooling, and quality and test equipment $23MM General Assembly Existing state- of-the-art skillet conveyor system large enough for Endurance; only minimal modifications required $14MM Estimated Investment Estimated Estimated Investment $3MMM Estimated Investment Other ~$5MM Estimated Investment Estimated Investment Estimated Investment Investment Physical infrastructure, security, and IT infrastructure are in place and in good working condition requiring only marginal investment Source: Management estimates Investor Presentation | January 2021 23#24Timeline Through Start of Production (SOP) Workstream 1Q21 2Q21 3Q21 4Q21 Beta Prototype Buildout - 2 tranches 2 ~ 30 units X 2 Beta Prototype Testing Two Pre-Production Runs Production 50 units X 2 September 2021 • • · Working "Alpha O" Prototype was completed and unveiled in June 2020 5-Star crash test rating achieved via software crash simulation Beta prototype build to occur in 1Q21 and testing through 2Q21 Start of production in September of 2021 • Lordstown plant can manufacture approximately 60,000 units under current configuration Production Targets 2021: ~2K 2022: ~32K 2023: ~65K 2024: ~107K Source: Management estimates Investor Presentation | January 2021 24#254 1Q21: Beta Prototypes • Beta Prototype • • • Wil be first vehicles to be manufactured at Lordstown Plant with the Endurance body and componentry Expect ~60 units in total to be built in two tranches Roll-out expected to begin in January and last through the Spring of 2021 Vehicles to be used for crash, engineering and validation testing Some vehicles will be sent to early customers for their feedback Testing expected to last through end of 2Q21, concurrent with commencement of pre-production runs Source: Management estimates LORDST CC 8 AADIN Investor Presentation | January 2021 25#26Financial Information ENDURANCE OHIO 001 F1AS VFG#27Bill of Materials (BoM): Unit Cost Breakdown Hub Motors $5k 2020 Lordstown Endurance BoM: Now and Later ~12% Hub Motors $5k 2024 Battery $17k Body $10k Total: ~$42K Decrease projected in BoM over 4 years Battery $15k Body $9k Total: ~$37K Chassis $10k Chassis $9k • Roughly 2,000 components • Top 10 components represent ~ 90% of anticipated costs • Secured deal with GM for access to supplier network of non-customer facing parts such as airbags, steering assembly, and seat frames, all of which are essential to successfully passing safety and crash tests Note: BoM excludes labor, overhead and consumables Investor Presentation | January 2021 27#28Capital Raise and Use of Proceeds Cash proceeds will be largely directed towards CapEx, R&D, and G&A expenses ~$675MM Cash Proceeds ~$135MM Capital Expenditures Plant Retooling of ~$120MM, BOM Retooling of ~$15MM to Gear up for Production ~$90MM R&D Product Development, Validation and Certification ~$320MM Cash Contingencies and Additional Growth Opportunities ~$130MM Operating + G&A Expenses Hiring of Highly Skilled Workforce to Build the Endurance Investor Presentation | January 2021 28#29LORDSTOWN. AA RIDE WITH LORDSTOWN Investor Contact: Carter Driscoll Head of Investor Relations [email protected] TM