#1LILIUM Battery Webinar The battery power behind the world's first electric VTOL Jet November 10th, 2023 P. 1#2Legal Disclaimer p. 1 Forward-Looking Statements and Risk Factors This presentation contains certain forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding (i) the Lilium Group's proposed business and business model, the markets and industry in which the Lilium Group operates or intends to operate, (ii) the anticipated timing of the commercialization and launch of the Lilium Group's business and the expected results of the Lilium Group's business and business model, including when launched in phases, (iii) the application and performance of battery technology in aviation and eVTOL aircraft, (iv) estimates regarding power density, life cycle, weight and other expected specifications of battery technology, (v) the performance of the Lilium Jet, including its projected range, (vi) expectations regarding the manufacture of Lilium's battery cells, (vii) the scope and benefit of Lilium Group's procurement and supply chain strategy, (vii) the potential impact of regulations on the Lilium Jet, and (viii) Lilium's affirmation of previously provided guidance for the second half of 2023, including estimated cash spend. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "target," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Such statements are based on management's belief or interpretation of information currently available. Forward-looking statements are predictions, projections and other statements about future events that are based on management's current expectations with respect to future events and are based on assumptions subject to risks and uncertainties, and as result are subject to change at any time. The Lilium Group operates and will continue to operate in a rapidly changing emerging industry. New risks emerge every day. Given these risks and uncertainties, you should not rely on or place undue reliance on these forward-looking statements, including any statements regarding when or whether any strategic collaboration between Lilium and the respective collaborator will be effected, the number, price or timing of any Lilium jets to be acquired (or if any such Lilium jets will be acquired at all), the price to be paid there for and the timing of launch or manner in which any proposed eVTOL network or anticipated commercial activities will operate, or statements regarding the Lilium Group's business and product development strategies or certification program. Actual events or results may differ materially from those contained in the projections or forward-looking statements. Many factors could cause actual future events to differ materially from the forward looking statements in this presentation, including, but not limited to, the following risks: (i) Lilium's future funding requirements and any inability to raise necessary capital on favorable terms (if at all); (ii) the eVTOL market may not continue to develop, or eVTOL aircraft may not be adopted by the transportation market; (iii) the Lilium Jet may not be certified by transportation and aviation authorities, including the European Union Aviation Safety Agency ("EASA") or the U.S. Federal Aviation Administration ("FAA"); (iv) the Lilium Jet may not deliver the expected reduction in operating costs or time savings that Lilium anticipates; (v) adverse developments regarding the perceived safety and positive perception of the Lilium Jets, the convenience of expected future Vertiports and Lilium's ability to effectively market and sell regional air mobility ("RAM") services and aircraft; (vi) challenges in developing, certifying, manufacturing and launching Lilium's services in a new industry (urban and regional air transportation services); (vii) a delay in or failure to launch commercial services as anticipated; (viii) the RAM market for eVTOL passenger and goods transport services does not exist, whether and how it develops is based on assumptions, and the RAM market may not achieve the growth potential Lilium's management expects or may grow more slowly than expected; (ix) if Lilium is unable to adequately control the costs associated with pre-launch operations and/or its costs when operations are commenced (if ever); (x) difficulties in managing growth and commercializing operations; (xi) failure to commercialize Lilium's strategic plans; (xii) any delay in completing testing and certification, and any design changes that may be required to be implemented in order to receive type certification for the Lilium Jet; (xiii) any delays in the development, certification, manufacture and commercialization of the Lilium Jets and related technology, such as battery technology or electric motors; (xiv) any failure of the Lilium Jets to perform as expected or an inability to market and sell our Lilium Jets; (xv) any failure of suppliers to achieve serial production of the proprietary and/or novel software, battery technology and other technology systems still in development; (xvi) reliance on third-party suppliers for the provision and development of key emerging technologies, components and materials used in the Lilium Jet, such as the lithium-ion batteries that will power the jets, a significant number of which may be single or limited source suppliers, and the related risk that any of these prospective suppliers or strategic partners may choose not to do business with us at all, or may insist on terms that are commercially disadvantageous, and as a result we may have significant difficulty procuring and producing our jets; (xvii) if any of Lilium's suppliers become financially distressed or go bankrupt, Lilium may be required to provide substantial financial support or take other measures to ensure supplies of components or materials, which could increase costs, adversely affect liquidity and/or cause production disruptions; (xviii) third-party air carriers are expected to operate Lilium Network services in the U.S., Europe, the Kingdom of Saudi Arabia, the United Kingdom and Brazil, among other countries, using the Lilium Jets, and these third parties, as well as Lilium, are subject to substantial regulation and complex laws, and unfavorable changes to, or the third-party air carriers' or Lilium's failure to comply with, these regulations and/or laws could substantially harm Lilium's business and operating results; (xix) any inability to operate the Lilium Network services after commercial launch at the anticipated flight rate, on the anticipated routes or with the anticipated Vertiports could adversely impact Lilium's business, financial condition and results of operations; (xx) potential customers may not generally accept the RAM industry or Lilium's passenger or goods transport services; (xxi) any adverse publicity stemming from any incident involving Lilium or its competitors, or an incident involving any air travel service or unmanned flight based on autonomous technology; (xxii) if competitors obtain certification and commercialize their eVTOL vehicles; (xxiii) business disruptions and other risks arising from COVID-19 and geopolitical events, including the war in Ukraine and inflationary pressures, may impact Lilium's ability to successfully contract with its supply chain and have adverse impacts on anticipated costs and commercialization timeline; and/or (xiv) Lilium's inability to deliver Lilium Jets with the specifications and on the timelines anticipated in any non-binding memorandums of understanding ("MOUS") or or binding contractual agreements with customers or suppliers we have entered into or may enter into in the future. The foregoing list of factors is not exhaustive. Forward-looking statements speak only as of the date they are made. You are cautioned not to put undue reliance on forward-looking statements, and the Lilium Group assumes no obligation to, and does not intend to, update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Lilium Group is not giving you any assurance that it will achieve its expectations. A further list and description of risks, uncertainties and other matters can be found in sections titled "Risk Factors," similarly titled sections and elsewhere in our filings with the U.S. Securities and Exchange Commission ("SEC"), all of which are available at www.sec.gov. All forward-looking statements attributable to the Lilium Group or any person acting on its behalf are expressly qualified in their entirety by this cautionary statement. LILIUM#3Legal Disclaimer p. 2 No Representations or Warranties No representations or warranties, express or implied, are given in, or in respect of, this presentation or the accompanying oral presentation (collectively, this "presentation"). This presentation does not purport to be comprehensive or all-inclusive and is for information purposes only. It does not purport to contain all of the information that may be required to perform a complete analysis of the business or prospects of Lilium N.V. ("Lilium" or the "Company"). To the fullest extent permitted by law, in no circumstances will Lilium or its subsidiaries (collectively, the "Lilium Group") or any of their respective shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this presentation have been obtained from third-party industry publications and sources, as well as from research reports prepared for other purposes that the Lilium Group believes are reasonable. The Lilium Group has not independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness, and this data is subject to change. Except as otherwise required by applicable law, the Lilium Group disclaims any duty to update the information contained in this presentation. No Offer or Solicitation This presentation is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities in any jurisdiction. Estimates and Data Regarding Battery Cell Technology This presentation contains certain estimates and illustrative data regarding battery cell technology expected to be used in the Lilium Jet that is based on or derived from sources that Lilium reasonably believes to be representative of our expectations for such technology as of the date of this presentation. However, the subject matter of this presentation is complex and the performance of battery cell technology can be impacted, in some cases materially, by numerous variables and applicable aircraft operating conditions (e.g., altitude, temperature, aircraft loading, maneuvers, etc.). Additionally, the estimates and illustrative data used in this presentation are based in part on testing and data collected from different generations of battery cells manufactured by various suppliers. While these different generations of battery cells use the same chemistry, and we believe that we have applied the data accumulated in a reasonable manner, there may be minor deviations in certain aspects of the manufacture and/or composition of different generations of battery cells that impact performance and the applicability of measurements as between different generations. Therefore, actual battery cell technology and performance necessary for the Lilium Jet to achieve our expectations may differ materially from the estimates and illustrative data set forth in this presentation. Description of Key Partnerships This presentation contains descriptions of some of Lilium's key business partnerships with whom Lilium has entered into feasibility studies, indications of interest, term sheets, memoranda of understanding or other preliminary arrangements. These descriptions are based on the Lilium management team's discussions and the latest available information and estimates as of the date of this presentation. In each case, these descriptions are subject to negotiation and execution of definitive agreements that may not have been completed as of the date of this presentation and, as a result, the nature, scope and content of these key business partnerships remain subject to change. Financial Information Some of the financial information and data contained in this presentation is unaudited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in the reports and other documents the Lilium Group may from time-to-time file with the SEC. You should review Lilium's audited financial statements in its filings with the SEC for a presentation of Lilium's historical IFRS financial information. Trademarks This presentation contains the trademarks, service marks, trade names and copyrights of the Lilium Group and other companies, which are the property of their respective owners. Graphic Representations Aircraft depicted in this presentation have been rendered utilizing computer graphics. The information contained herein is made as of 10 November 2023, and does not reflect any subsequent events. LILIUM#4Agenda 1. Opening ĐI NH 2. Why Battery Powered Flight? 3. What is the power consumption of the Lilium Jet? How did you validate it? 4. You need miracle batteries to supply the power of the Lilium Jet. When will they exist? 5. Would losing a battery pack make the resulting power draw unfeasible? 6. How does the reserve concept work and affect your operating range? 7. Did you test power profiles and missions on a real cell? 8. Did you test the cycle life of your High Silicon Anode cells? 9. Regarding safety, won't your battery get too heavy once requirements are included? Do you have suppliers for those cells? Will it not take years to set up production? Do you have alternatives/backups from a chemistry and production standpoint? What's your cell technology roadmap to increase aircraft range in the future? 10. 11. 12. 13. Q&A LILIUM Time 45' 15' P. 4#5Daniel Wiegand Lilium Founder Chief Engineer for Innovation P. 5#62 WHY BATTERY ELECTRIC FLIGHT? Batteries offer highest overall efficiency - any flight that can be done using batteries will be done with batteries Primary Energy Efficiency¹ Electricity Price ² Cost/kWh shaft power Flight Range 5 LILIUM Batteries 73% - $0.5 / kWh ³ 1,100 (2040) - 2,000 km (2050) E-Hydrogen. emission 22% ~ $0.36 / kWh - $1.7/kWh³ Up to 3,400 km Covers ~80% of all scheduled commercial flights E-Fuels (SAF) Powered by Sustainable Aviation Fuels 13% - $2.8/kWh Up to 16,000 km Sources: 1. WTT (World Bank, LBST, IEA), TTW, T&E calculations, Swiss Federal Office for Civil Aviation; 2. Statista; 3. Does not consider material cost for depletion of battery cells or fuel cells; 4. Transportation Research Procedia, Volume 59 (2021) 253-259, Jet A1 Fuel; 5. International Council on Clean Transportation and Lilium internal assessment Kerosene (today) 50% - $0.5/kWh4 Up to 16,000 km P. 6#7Battery is the major driver of the performance of an eVTOL COSTS LILIUM Power [kW] SAFETY Source: Lilium DURER CYCLE LIFE CARBON FOOTPRINT Energy [kWh] MATERIALS AVAILABILITY RECYCLABILITY P. 7#8Our key differentiators LILIUM Largest Cabin Source: Lilium Low Operating Cost Regional Flights P. 8#9WHAT IS THE POWER CONSUMPTION? 3 How did you validate the power consumption of the a/c? Passengers prefer ducted fans Conventional aircraft Electric aircraft LILIUM Jet (Ducted Fans) 41 95% of all global airplanes use ducted fans, which are preferred by customers ¹ for their... 4papaanda Speed Higher Safety: Failure Containment Lower Noise Aesthetics Low Vibrations Higher Comfort Simplicity: One moving part Disadvantage: More Power draw at take-off and landing Source: Architectural performance assessment of an eVTOL aircraft; 1. GAMA, JADC, Company information (Airbus, Boeing, Bombardier, Embraer), 2009 - 2019; Lilium Management estimates & company information; Note: Renderings utilizing computer graphics Open Rotor ZAL Higher Vibrations Higher Noise Lower Safety: No blade loss containment Complexity: Variable blade pitch mechanism P. 9#10WHAT IS THE POWER CONSUMPTION? 3 How did you validate the power consumption of the a/c? Simple power requirements can be obtained from general aerospace principles Hover lift efficiency¹ [aircraft weight / power] [kg/kW] [lb/hp] 12 1.7 kg/kW 7.3- 7 6 5 4 3 2 1 0 1 8 PROPELLER 4 4.88 10 10 100 Helicopter LILIUM JET Tilt rotor 100 Tilt wing Lift-fan 1 000 10 000 [lb/ft²] 48 824 [kg/m²] Disc loading [aircraft weight / thrust area] Direct lift 1 000 1,150 10 000 kg/m2 LILIUM Sources: 1. Hover vertical lift efficiency graph illustration from NASA SP-2000-4517; 2. For illustration only; 3. Estimate based on Type Certificate jet configuration with a weight of 3,175kg; 4. Propeller-based eVTOL estimate based on peer websites, press clippings and the NASA SP-2000-4517 Electric Hover Power simplified calculation ² (A) (B = 1/A) (C) (D = B / C) (E) (F = D x E) Disc Loading Lift Efficiency UNIT Electric Hover Power kg/m² kg/kW Shaft Specific Power Electric Power Train Efficiency % Specific Electric Power Aircraft weight kW/kg kW/kg kg kW LILIUM JET 1,150 1.7 0.59 87% 0.68 3,175 2,147 PROPELLER eVTOL -2x 60 3.6 0.28 87% 0.32 3,175 1,014 P. 10#110.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 60 40 0 0 20- 0 WHAT IS THE POWER CONSUMPTION? 3 How did you validate the power consumption of the a/c? Comparing simple power estimates to in-flight measurements Demonstrator total measured Specific Power [kW/kg] - Sea Level, ISA+0 10 I 10 10 LILIUM Climb 0.63 kW/kg 20 20 20 Hover 0.62 kW/kg 30 30 Vz (m/s) 30 40 40 altitude above ground (ft) 40 Descend 0.61 kW/kg 50 50 50 60 60 60 70 Sources: 1. For illustration only, e.g. full calculation would consider global efficiencies; 2. Measurements from Lilium's demonstrator "Phoenix 2"; 3. Estimate (e) based on Type Certificate jet configuration; 4. Extrapolated number based on Type Certificate jet's weight and real flight-testing data 70 70 Hover Power simple estimate¹ vs. real measurements² (D) (E) (F = D x E) Disc Loading Specific Electric Power Gross weight Electric Hover Power UNIT kg/m² kW/kg kg kW CONCLUSION LILIUM JET 1,150 0.68 3,175 2,147 DEMONSTRATOR RESULTS 1,150 Measured demonstrator power draw is slightly lower than simplified estimates. 0.62 1,9694 P. 11#12WHAT IS THE POWER CONSUMPTION? 3 How did you validate the power consumption of the a/c? We're using industry best practice tools to obtain precise power estimates – evidence-based engineering LILIUM FLIGHT TESTING 4 YEARS of flight testing done WIND-TUNNEL 5 MON of wind-tunnel testing conducted MONTHS MEASUREMENTS All Compressor maps, e-motor efficiency maps, battery cell characterization Validation Loop INDIVIDUAL COMPONENTS Simulation 10 of CFD computing Sources: Lilium flight testing, wind-tunnel testing, in-house measurements, inhouse CFD (Computational Fluid Dynamics) simulations, A/C (Aircraft) performance model MILLION HOURS D L F W=mgo Validated A/C performance model - Full missions' simulation capabilities - Used for customer performance guarantees - Used for certification P. 12#13WHAT IS THE POWER CONSUMPTION? 3 How did you validate the power consumption of the a/c? We believe Lilium's Jet design is the best suited eVTOL configuration for regional missions Power profile on a 175 km regional mission Power [kW] 0 2,147 Lilium Jet power requirement in Hover¹ LILIUM LO 5 10 Hover (less than 20kts speed) makes 9% of mission energy. A propeller would only reduce this. to ~4%. However,... 15 20 Sources: Management estimates and company information; 1. Based on the NASA SP-2000-4517 25 Time [min] ...in Cruise, our engine cross section is better sized and will be significantly more efficient than propeller based eVTOLs. 30 35 40 45 Overall, Lilium's Jet consumes less Energy for longer missions. 590 P. 13#14YOU NEED MIRACLE BATTERIES 4 to supply the high power of your aircraft in hover flight. When will they exist? Translating aircraft power draws to cell level power requirements Our requirements at cell level¹ 2,147 kW in hover 870kg cells in the jet LILIUM = 2.47 kW/kg Specific Cell Power [kW/kg] (Measurement² @ 30°C, 30 sec pulse) 8 7 CO 6 LO 5 4 3 2 1 0 100 Hover power Cruise power 90 80 Sources: Lilium; 1. Internal estimate based on the NASA SP-2000-4517; 2. Released test data from Energy Assurance for lonblox cells at End of Pulse 70 60 50 40 State Of Charge [%] 30 20 SOC limit - forward landing 10 <20% 0 P. 14#15YOU NEED MIRACLE BATTERIES 4 to supply the high power of your aircraft in hover flight. When will they exist? We have a flying proof that our jet design works with standard Li-ion chemistries LILIUM TECHNO DEMONSTRATOR Sources: Lilium; 1. Module cell at Lilium's warehouse, manufactured by LG (model 18650HG2) Phoenix 1 First flight: 2019 Discloading: 1,150 kg/m2 Cell¹: LG HG2 Cell type: Cylindrical - 18650 Cell design Year: 2013 Main application: e-Cigarettes P. 15#16YOU NEED MIRACLE BATTERIES 4 to supply the high power of your aircraft in hover flight. When will they exist? We switched to pouch cells as they have less overhead mass, higher energy density and allow for better packaging efficiency 129 241 KNOTS KM/H LILIUM Sources: Lilium; 1. Module cell at Lilium's warehouse, manufactured by Kokam (model SLPB98188216P) LILIUM Phoenix 2 First flight: 2021 Discloading: 1,150 kg/m2 15001 Cell¹: KOKAM Li-ion Cell type: Pouch Cell design Year: 2015 Main application: Forklifter P. 16#17YOU NEED MIRACLE BATTERIES 4 to supply the high power of your aircraft in hover flight. When will they exist? Conforming A/C battery cell specifications ELEMENT Design Design Year 1st Manufacturer Form factor Anode chemistry Cathode chemistry Specific power Specific Energy Capacity Cycle life LILIUM DESCRIPTION IONBLOX (California, USA) Investors include Temasek, Applied Materials and Lilium 2021 CUSTOMCELLS (Tübingen, Germany) Pouch-cell Silicon dominant NMC811 5 kW/kg @ 50% SOC 330 Wh/kg 38 Ah >800 1C/1C @25°C Source: Lilium Engineering Estimates; lonblox Engineering Estimates; CustomCells + 20049961001103-444-D75 LILIUM 20049961001103-444-D75 P. 17#18YOU NEED MIRACLE BATTERIES 4 to supply the high power of your aircraft in hover flight. When will they exist? Our cell performance is in line with current high-performance chemistry specs Cell Specific Power at 50% State of Charge [kW/kg] 15 10 5 0 0 LILIUM 50 100 Swaytronic (Graphite Anode) 150 Tesla Model S Plaid (Graphite Anode) 200 250 Lilium (Si Anode) Sources: Lilium: Company Information; Swaytronic: Company Information on Sway Graphene HC-LiPo; Tesla: Batemo and EV Database; Farasis P73: Batemo; Amprius; CATL: Company Information and Lilium assessment Farasis (eVTOL cell) (Graphite Anode) 300 Energy Density [Wh/kg] Amprius (SI Anode) 350 400 "This would be a miracle" CATL (Li Anode)- 450 500 P. 18