EV Production Scaling and Financial Overview

Industry Highlights School buses are America's largest mass transit system 500K+ school buses in operation in the U.S. and Canada transporting 26 MILLION KIDS to school on a daily basis OEMs School Bus Customers Lion ~3,400 Contractors Thomas Blue Bird ~10,000 School Districts IC High barriers to entry Highly specialized product -- Complex state and customer requirements -- Dealer and service network -- Customer relationship driven business Demand Drivers Population of school age children increasing -- Increasing average age of existing fleet - Federal funding for clean school buses Relatively Clear Funding Sources Property taxes are primary source of funding; volume tracks housing prices BLUE BIRD 7

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