CDPQ and Finalta Capital support Lion Electric

MONTRÉAL, NOVEMBER 9, 2022 – FINALTA CAPITAL, ONE OF CANADA’S LARGEST PRIVATE DEBT FUNDS, CDPQ, A GLOBAL INVESTMENT GROUP, AND THE LION ELECTRIC COMPANY (NYSE: LEV) (TSX: LEV) (“LION” OR THE “COMPANY”), A LEADING MANUFACTURER OF ALL-ELECTRIC MEDIUM AND HEAVY-DUTY URBAN VEHICLES, TODAY ANNOUNCED THE CLOSING OF AN AGREEMENT FOR A NEW CREDIT FACILITY FOR LION FUNDED EQUALLY BY CDPQ AND FINALTA CAPITAL. THE CREDIT FACILITY IS GRANTED FOR A MAXIMUM PRINCIPAL AMOUNT OF CAD 30 MILLION. THIS BESPOKE FINANCING IS GUARANTEED BY A SECURITY INTEREST ON SUBSTANTIALLY ALL MOVABLE PROPERTY OF LION AND SOME OF ITS SUBSIDIARIES, INCLUDING A SENIOR SECURITY ON CERTAIN GOVERNMENTAL AND TAX INCENTIVES AND CREDITS TO BE RECEIVED BY LION, NOTABLY IN RELATION TO CERTAIN VEHICLES THAT THE COMPANY HAS ALREADY DELIVERED. UPON CLOSING OF THE FINANCING, AN AMOUNT OF CAD 30 MILLION WAS DRAWN ON THE CREDIT FACILITY. LION USED A PORTION OF THE DRAWN AMOUNT TO PAY DOWN PREVIOUS CREDIT FACILITIES IT HAD CONCLUDED WITH FINALTA CAPITAL IN MAY 2021.

“With growing demand and fleet owners wishing to make the transition toward electric vehicles, this new credit facility provides an additional tool to finance our activities at a critical moment in our growth. In North America, the transportation industry is one of the leading emitters of greenhouse gases, making it essential to electrify medium- and heavy-duty transportation as part of the fight against climate change. This provides an unprecedented opportunity for a company like Lion,” said Marc Bédard, CEO–Founder of Lion. “We are delighted to welcome CDPQ among our capital providers and to extend our existing partnership with Finalta Capital.” “Lion’s industry is undergoing extensive transformation toward the adoption of green transportation in North America. With this first transaction in Lion, CDPQ affirms its desire to support an important player in sustainable mobility in Québec in executing its business plan by providing flexible financing as part of our Capital Solutions strategy,” added Marc Cormier, Executive Vice-President and Head of Fixed Income at CDPQ. “We are delighted to contribute to funding, put in place with the expertise of Finalta Capital, that is adapted to the Company’s operational reality and highly tailored to its current needs.” “Finalta Capital is happy to continue supporting Lion—now in close collaboration with CDPQ—in its efforts to propel the electrification of transport using cutting-edge technology entirely developed in Québec. We are also proud to benefit from the trust of CDPQ as a partner in this strategic and tailored financing for Lion’s capital structure,” said Pierre-Luc Labelle, President and COO at Finalta Capital.

ABOUT LION ELECTRIC Lion Electric is an innovative manufacturer of zero-emission vehicles. The company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit and mass transit segments. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies. Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life. Lion shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV. Lion Electric, The Bright Move Thelionelectric.com ABOUT FINALTA CAPITAL Finalta Capital is the largest private debt fund in Canada in the financing of tax credits and government grants, supporting rapidly growing, innovative companies by providing enhanced, non-dilutive liquidity based on tax credits and grants receivable with disbursements made in advance of expenses eligible for incentive programs. Finalta Capital lends double the funds based on the same tax credits and grants compared to the basic financing offered by other financial and government institutions. ABOUT CDPQ At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2022, CDPQ’s net assets totalled CAD 391.6 billion. For more information, visit cdpq.com, follow us on Twitter or consult our Facebook or LinkedIn pages.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries. CAUTION REGARDING FORWARD-LOOKING STATEMENTS This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities laws, including the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not statements of historical fact 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. 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. Such risks and uncertainties are described in greater detail in the Canadian Prospectus Supplement, the US Prospectus Supplement and section 23.0 entitled “Risk Factors” of the Company’s annual MD&A for the fiscal year 2021. Many of these risks are beyond Lion’s management’s ability to control or predict. All forward-looking statements included in this press release are expressly qualified in their entirety by the cautionary statements contained herein and the risk factors included in the Canadian Prospectus Supplement, the US Prospectus Supplement, the Company’s annual MD&A for the fiscal year 2021 and in other documents filed with the applicable Canadian regulatory securities authorities 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.

FOR MORE INFORMATION

LION ELECTRIQUE MEDIAS Patrick Gervais Vice-President, Marketing and Communications patrick.gervais@thelionelectric.com (514) 992-1060 INVESTORS Isabelle Adjahi Vice-President, Investor Relations and Sustainable Development isabelle.adjahi@thelionelectric.com (450) 432-5466, poste 171

FINALTA CAPITAL Gerassimos Touliatos gtouliatos@finaltacapital.com (514) 360-0721

CDPQ Kate Monfette Senior Advisor, Media Relations (438) 525-2520 kmonfette@cdpq.com