Investor Presentation December 2023

Appendix A - Non-IFRS Financial Measures and Other Performance Metrics Adjusted EBITDA and order book are measures that are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. Lion compensates for these limitations by relying primarily on Lion's IFRS results and using Adjusted EBITDA and order book on a supplemental basis. Readers should not rely on any single financial measure to evaluate Lion's business. Adjusted EBITDA "Adjusted EBITDA" is defined as net earnings (loss) before finance costs, income tax expense or benefit, and depreciation and amortization, adjusted for share-based compensation, changes in fair value of share warrant obligations, foreign exchange (gain) loss and transaction and other non-recurring expenses. Adjusted EBITDA is intended as a supplemental measure of performance that is neither required by, nor presented in accordance with, IFRS. Lion believes that the use of Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing Lion's financial measures with those of comparable companies, which may present similar non-IFRS financial measures to investors. However, readers should be aware that when evaluating Adjusted EBITDA, Lion may incur future expenses similar to those excluded when calculating Adjusted EBITDA. In addition, Lion's presentation of these measures should not be construed as an inference that Lion's future results will be unaffected by unusual or non-recurring items. Lion's computation of Adjusted EBITDA may not be comparable to other similarly entitled measures computed by other companies, because all companies may not calculate Adjusted EBITDA in the same fashion. The following table reconciles net earnings (loss) to Adjusted EBITDA for the three and nine months ended September 30, 2023, and 2022: p.22 - Unaudited Three months ended September 30, Unaudited Nine months ended September 30, 2023 2022 2023 2022 (in thousands) (in thousands) Revenue $80,348 $40,978 $193,067 $93,146 Net earnings (loss) Finance costs $(19,853) $(17,200) $(47,224) $22,414 $7,728 $1,500 $11,150 $1,847 Depreciation and amortization $7,240 $3,046 $17,715 $7,769 Share-based compensation(1) $1,324 $2,682 $4,795 $9,840 Change in value of conversion options on convertible debt instruments(2) $(3,356) $(3,356) Change in fair value of share warrant obligations (3) $(179) $(7,643) Foreign exchange loss (gain) (4) $2,861 $2,124 $(11,911) $(104) $(86,034) $1,414 Transaction and other non- recurring expenses (5) $374 $363 $951 $1,895 Income taxes Adjusted EBITDA $(3,860) $(15,126) $(27,984) $(40,855) 1) Represents non-cash expenses recognized in connection with the issuance of stock options, restricted share units, and deferred share units issued under Lion's omnibus incentive and stock option plans as described in note 11 to the condensed interim consolidated financial statements as at and for three and nine months ended September 30, 2023, and 2022. 2) Represents non-cash change in the fair value of the conversion options on convertible debt instruments as described in note 9 to the condensed interim consolidated financial statements as at and for three and nine months ended September 30, 2023, and 2022. 3) Represents non-cash change in the fair value of the share warrant obligations as described in note 8 to the condensed interim consolidated financial statements as at and for three and nine months ended September 30, 2023, and 2022. 4) Represents gains relating to foreign exchange translation. 5) For the three and nine months ended September 30, 2023, and 2022, represents non-recurring professional fees related mostly to process optimization initiatives. LION ELECTRIC

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