Lotus Tech Growth Strategy

INDICATIVE TRANSACTION TERMS AND STRUCTURE Pro forma equity value of US$6,301mm and pro forma enterprise value of US$5,573mm, which implies EV multiples of ~0.9x 2024E revenue and ~0.7x 2025E revenue As of April 28, 2023, Company has entered into agreements with strategic partners and business partners for a total investment amount of approximately $122 million¹. Company will continue to seek to raise additional financing prior to closing of the business combination To better align long-term incentives, LCAA Sponsor has agreed to subject 30% of the Sponsor Shares to earn-out and forfeiture arrangements tied to Sponsor affiliates' participation in the PIPE financing and strategic partnerships with Lotus Tech Lotus Tech shareholders will roll over 100% of their equity interest into the pro forma company and retain approximately 87.3% ownership post-transaction Proceeds to be used for further product innovation, next- generation automobility technology development, global distribution network expansion and general corporate purposes Estimated sources and uses US$ million Sources LCAA trust² Uses Existing Lotus shareholder equity 5,500 Estimated fees and expenses³ 53 223 Existing Lotus shareholder equity rollover 5,500 122 Net cash to balance sheet at closing 292 5,845 Total 5,845 Pre-closing investors Total Pro forma valuation US$ million Base share price at merger Illustrative pro forma ownership2,4,7 Existing Lotus shareholders 1.1% 5.9% 2.1% US$10.00 PF shares outstanding (mm) 630 Public shareholders Pro forma equity value4 Plus: debt5 6,301 LCAA sponsor and independent directors 300 Jingkai fund Less: existing cash balance (737) Less: net cash to balance sheet (292) Pre-closing investors and others Pro forma enterprise value 5,573 3.5% 87.3% C Note: The calculations on this slide assume an implicit value of US$10.00 per LCAA Class A ordinary share, which is based on convention and is not indicative of the real value of each LCAA Class A ordinary share or the value which the Lotus Tech attributes to each LCAA Class A ordinary share; they also exclude impact of 9.6 million public warrants and 5.5 million private placement warrants struck at $11.50. Existing Lotus shareholder equity includes equity in relation to employee stock options. 6.96 USD/RMB used in line with audited financials as of 31 December 2022 for Lotus Tech 1. Subject to customary terms and conditions (including regulatory approvals) included in the definitive agreements. The total investment amount of $122 million exceeded the previous pre-closing financing target amount of $100m 2. Cash-in-trust as of 31 March 2023. In connection with LCAA shareholders' approval to extend the deadline (the "Business Combination Deadline") by which LCAA must consummate a business combination on 10 March 2023, holders of approximately 23.97% of the LCAA public shares exercised their redemption rights for a pro rata portion of the funds in the trust account. Note that the cash-in-trust does not take into account additional contribution made by Sponsor in connection with extensions of the Business Combination Deadline and assumes no further redemptions by LCAA public shareholders 3. Estimated transaction fees and expenses of c. US$53mm 4. Pro forma equity value includes US$71.6mm founder shares, RMB 2.6bn / US$373mm from Jingkai Fund (through restructuring of its existing investment in Lotus Tech) 5. Pro forma total debt of US$300mm based on audited number as of 31 December 2022 for Lotus Tech, excluding the RMB 2.6bn Jingkai convertible note that will be restructured to invest in Lotus Tech 6. Existing cash balance of US$737mm based on audited number as of 31 December 2022 for Lotus Tech 7. Based on 7,162,718 Class B ordinary shares as of 31 March 2023. 30% of the SPAC shares held by Sponsor ("Sponsor Shares") are subject to earn-out and forfeiture arrangements tied to Sponsor affiliates' participation in the PIPE financing and strategic partnerships with Lotus Tech and 5% of Sponsor Shares may be transferred to certain LCAA public shareholders to induce such public shareholders not to exercise their redemption rights 47 LOTUS TECH

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