#1-LILIUM Investor Presentation - March 2021#2Disclaimer This presentation is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Lilium GmbH ("Lilium" or the "Company"), Qell Acquisition Corp. ("Qell") and the holding company that will acquire Lilium and Qell ("New Lilium") in the proposed business combination and related transactions (the "Proposed Transaction") and for no other purpose. Lilium, Qell and New Lilium are collectively referred to herein as the "Lilium Group". No representations or warranties, express or implied, are given in, or in respect of, this presentation. To the fullest extent permitted by law, in no circumstances will the Lilium Group or any of their respective subsidiaries, 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. This presentation does not purport to be exhaustive or to contain all the information that may be required to make a full analysis of the Lilium Group or the Proposed Transaction. You should make your own evaluation of the Lilium Group and of the relevance and adequacy of the information in this presentation, and you should make such other investigations as you deem necessary. Forward-Looking Statements and Risk Factors " " "1 This presentation contains certain forward-looking statements, including, but not limited to, statements regarding the benefits of the Proposed Transaction, the anticipated timing of the Proposed Transaction, the Lilium Group's proposed business and business model, the markets and industry in which the Lilium Group intends to operate, the anticipated timing of the commercialization and launch of the Lilium Group's business in phases, the expected results of the Lilium Group's business and business model when launched in phases, and Lilium Group's projected future results, including estimates related to revenue, EBITDA and gross margins. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "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 and subject to risk and uncertainties and subject to change at any time. The Lilium Group will 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. 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) the transaction may not be completed in a timely manner or at all, which may adversely affect the price of Qell's securities; (ii) the transaction may not be completed by Qell's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Qell; (iii) the parties fail to satisfy the conditions to the consummation of the transaction, such as Qell's shareholders or Lilium's shareholders failing to adopt the business combination agreement, failing to satisfy the minimum trust account amount following redemptions by Qell's public shareholders or an inability to secure necessary governmental and regulatory approvals; (iv) the lack of a third party valuation in Qell's determination to pursue the Proposed Transaction; (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; (vi) the impact of COVID-19 on Lilium's business or the Proposed Transaction; (vii) the effect of the announcement or pendency of the Proposed Transaction on Lilium's business relationships, performance and operations generally; (viii) the Proposed Transaction disrupts Lilium's current business plans and operations or potential difficulties in Lilium employee retention as a result of the Proposed Transaction; (ix) the outcome of any legal proceedings that may be instituted against the Lilium Group related to the Proposed Transaction; (x) the Lilium Group's ability to obtain or maintain Qell's securities listing on the Nasdaq; (xi) the market price of Qell's and the post combination company's securities may be volatile due to a variety of factors, such as changes in the competitive environment in which the Lilium Group will operate, the regulatory framework of the industry in which the Lilium Group will operate, developments in the Lilium Group's business and operations, and changes in the capital structure; (xii) the Lilium Group's ability to implement business plans, operating models, forecasts, and other expectations and identify and realize additional business opportunities after the completion of the Proposed Transaction; (xiii) general economic downturns or general systematic changes to the industry in which the Lilium Group will operate, including a negative safety incident involving one of the Lilium Group's competitors that results in decreased demand for the Lilium Group's jets or services; (xiv) the Lilium Group and its current and future business partners will be unable to successfully develop and commercialize the Lilium Group's business, or experience significant delays in doing so; (xv) the post-combination company may never achieve or sustain profitability; (xvi) the post-combination company will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (xvii) the post-combination company experiences difficulties in managing its growth, moving between development phases or expanding its operations; (xviii) third-party suppliers, component manufacturers or service provider partners are not able to fully and timely meet their obligations or deliver the high-level customer service that the Lilium Group's customers will expect; (xix) the Lilium Group's jets not performing as expected, delays in producing the Lilium Group's jets or delays in seeking full certification of all aspects of the Lilium Group's jets, causing overall delays in the anticipated time frame for the Lilium Group's commercialization and launch; (xx) the technology necessary to successfully operate the Lilium Group's business, as contemplated in the business models and financial forecasts, is delayed, unavailable, not available at commercially anticipated prices, not sufficiently tested, not certified for passenger use or otherwise unavailable to the Lilium Group based on its current expectations and anticipated needs; (xxi) any identified material weaknesses in the Lilium Group's internal control over financial reporting which, if not corrected, could adversely affect the reliability of the Lilium Group's financial reporting; (xxii) product liability lawsuits, civil or damages claims or regulatory proceedings relating to the Lilium Group's jets, technology, intellectual property or services; (xxiii) the Lilium Group's inability to secure or protect its intellectual property; and (xxiv) negative publicity about the Lilium Group, its employees, directors, management, shareholders, affiliated parties or Lilium's founders. 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 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. Use of Projections and Description of Partnerships This presentation contains Lilium's projected financial information, such as revenue, cost of goods sold, gross profit, operating capital expenditures, selling, general and administrative expense, EBITDA and gross margins through 2027. Such projected financial information constitutes forward-looking information based on management's reasonable expectations and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying projected financial information are necessarily inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information, as discussed above under "Forward-Looking Statements". Actual results may differ materially from the results contemplated by the projected financial information contained in this presentation, and the inclusion of such information in this presentation should not be regarded as a representation by any person that the results reflected in such projections will be achieved. The Lilium Group's independent auditors have not audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, they have not and will not express an opinion or provide any other form of assurance with respect thereto for the purpose of this presentation. This presentation contains descriptions of some of Lilium's business partnerships with whom Lilium has entered into feasibility studies, indications of interest, memorandums 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 which have not been completed as of the date of this presentation and, as a result, the nature, scope and content of these business partnerships remain subject to change. Lilium Investor Presentation 2021 2#3Disclaimer (Cont'd) Financial Information; Non-IFRS Financial Measures 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, any solicitation statement, registration statement, or prospectus the Lilium Group files with the U.S. Securities and Exchange Commission (the "SEC"). Some of the financial information and data contained in this presentation, such as EBITDA, have not been prepared in accordance with IFRS. EBITDA is defined as net earnings (loss) before interest expense, income tax expense (benefit), depreciation and amortization. Management believes these non-IFRS measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Lilium Group's financial condition and results of operations. Management believes that the use of these non-IFRS financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in the Lilium Group's business and can assist investors in comparing the Lilium Group's financial measures to those of other similar companies, many of which present similar non-IFRS or non-GAAP financial measures to investors. Management does not consider these non-IFRS measures in isolation or as an alternative to financial measures determined in accordance with IFRS. The principal limitation of these non-IFRS financial measures is that they exclude significant expenses and income that are required by IFRS to be recorded in the Lilium Group's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-IFRS financial measures. The Lilium Group is not providing a reconciliation of its projected EBITDA for years 2024-2027 to the most directly comparable measure prepared in accordance with IFRS because the Lilium Group is unable to provide this reconciliation without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence, the financial impact, and the periods in which the adjustments may be recognized. For the same reasons, the Lilium Group is unable to address the probable significance of the unavailable information, which could be material to future results. You should review Lilium's audited financial statements, which will be included in the Registration Statement (as defined and discussed below) relating to the Proposed Transaction for a presentation of Lilium's historical IFRS financial information. All of Lilium's historical financial information included in this presentation is preliminary and subject to change pending completion of the audit in accordance with PCAOB auditing standards of Lilium's financial statements for the financial years ended December 31, 2019 and 2020. Where to Find Additional Information About the Lilium Group and the Proposed Transaction The Lilium Group intends to submit the Proposed Transaction to Qell's shareholders for their consideration by filing a registration statement on Form F-4 (the "Registration Statement") with the SEC. The Registration Statement will include proxy statements to be distributed to Qell's shareholders in connection with its solicitation for proxies for the vote by its shareholders on the Proposed Transaction and other matters described in the Registration Statement. The Registration Statement will also include a prospectus relating to the offer of New Lilium's securities to be issued to Qell's shareholders in connection with the completion of the Proposed Transaction. After the Registration Statement has been filed and declared effective, Qell will mail a definitive proxy statement and other relevant documents to its shareholders as of the record date established for voting on the Proposed Transaction. Qell's shareholders and other interested persons are advised to read the Registration Statement (and all amendments thereto) when they become available, because these documents will contain important information about the Lilium Group and the Proposed Transaction. Qell's shareholders may also obtain a copy of the Registration Statement and other documents that Qell files with the SEC, without charge, at the SEC's website located at www.sec.gov or by directing a request to Colleen Robar, Qell Acquisition Corp., 505 Montgomery Street, Suite 1100, San Francisco, CA 94111 or by telephone at +1 313-207-5960. Qell's shareholders or other potential investors in the Lilium Group should read the Registration Statement carefully before making any voting or investment decisions. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. Participants in the Solicitation The Lilium Group and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from Qell's shareholders in connection with the Proposed Transaction. Information regarding these deemed participants and their direct and indirect interests will be provided in the Registration Statement. You can find more information about Qell's directors and executive officers in Qell's final prospectus dated September 29, 2020 that was filed with the SEC on October 1, 2020. No Offer or Solicitation This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. 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. Lilium Investor Presentation 2021 3#4Lilium and Qell proposed business combination summary Transaction structure Valuation Lilium GmbH to combine with Qell Acquisition Corp. ("Qell"), a publicly listed Special Purpose Acquisition Company ("SPAC") with ~$380M cash currently held in trust • The transaction is expected to close in Q2 2021 • It is anticipated that the post-closing company, Lilium N.V. ("Lilium"), will be listed on Nasdaq Transaction implies a fully diluted pro forma enterprise value of ~$2.4BN and ~$3.3BN pro forma equity value - - 0.7x 2026E revenue of $3.3BN - 3.4x 2026E EBITDA of $708M Capital structure . Transaction is expected to result in ~$830M of total gross proceeds raised to fund growth • Existing Lilium shareholders will roll 100% of their equity and will own ~74% of the pro forma company at closing Expected to fully fund plan to commercial launch of Lilium 7-Seater eVTOL jet Source: Management estimates. Note: Pro forma ownership at $10.00 IPO price. Assumes no redemptions by Qell's existing stockholders. Total gross proceeds based on ~$380M in cash from Qell trust account and a $450M PIPE. (1) Dual class equity structure to provide 3:1 super voting rights to Daniel Wiegand, subject to customary sunset provisions. Lilium Investor Presentation 2021 4#5Lilium & Qell overview Lilium Team Daniel Wiegand Chief Executive Officer LILIUM Qell Target Industries Transportation Geoff Richardson • Chief Financial Officer Goldman Sachs cruise • Next-Gen mobility Sustainability industrial technology Alex Asseily Chief Strategy Officer Yves Yemsi Chief Program Officer Investment Thesis for Lilium elvie JAWBONE AIRBUS Qell Team Barry Engle Chief Executive Officer, Co-Founder, Director Qell Acquisition Corp GM Sam Gabbita Qell OGO Acquisition Corp Source: Company Information. • High growth & large TAM • Differentiated proprietary technology Best-in-class team Chief Financial Officer, Co-Founder, Director • Early mover • Solid & scalable business model CLIMATE Leading partners Lilium Investor Presentation 2021 LO 5#6Unique eVTOL technology proven over 4 generations of technology demonstrator aircraft. World-class leadership. World-class investors & partners. HQ Munich. 600+ employees. Dirk Gebser Manufacturing Patrick Nathen Product Co-Founder Sam Gabbita CFO QELL Alastair McIntosh Yves Yemsi Technology Program Sebastian Born Structure Co-Founder Daniel Wiegand CEO Co-Founder Matthias Meiner Controls Co-Founder Barry Engle CEO QELL Tom Enders Tier 1 investors and board Eco-system of partners EDERAL BAILLIE GIFFORD Tencent 腾讯 atomico LGT ferrovial ACITURRI Lufthansa Aviation Training Palantir AVIATION Certifying authorities Board Member Airbus CEO 2007-19 ➤EASA Hesse pr Source: Company information. Note: Information as of February 2021. Certifications in process, not yet obtained. Lilium Investor Presentation 2021 6#7Positioned to be the global leader in regional electric air mobility Team Assembled over 400 engineers with significant experience in the electric aviation industry. Economics Potential leading payload capacity, speed, range and highly attractive unit economics with access to ~$1.5 - $3.0TN TAM. Technology Developed technologies required for high capacity, low noise, high efficiency, electric air travel. Service Will offer passenger mobility services (B2C) and jet leases to enterprises (B2B). This allows a greater proportion of the value chain to be captured. Aircraft First product will be a 7-Seater eVTOL jet projected to offer the highest capacity and lowest noise in the market. Partners Partnerships for eVTOL network for 14 vertiports in US exclusive to Lilium, in negotiation with 10 further sites to roll-out European network. Source: Architectural performance assessment of an eVTOL aircraft (see sources). Morgan Stanley (see sources). Lilium business plan. Note: Planned service launch 2024. Lilium Investor Presentation 2021#8Infrastructure and Training Partners Tier 1 Aerospace Suppliers & Development Partners Global Investors ferrovial A leading global airport operator with $27BN of assets A ACITURRI Global manufacturer of aerostructures & engine components Tencent 腾讯 Among the world's top technology companies Lufthansa Aviation Training Leading European Aviation Training provider T TAVISTOCK DEVELOPMENT COMPANY Assets in > 200 companies, 13 countries Düsseldorf 5163 Airport DUS Köln Bonn Airport Two of Germany's most important and largest airports 'TORAY' Toray Advanced Composites Leading manufacturer of high performance carbon composites QPalantir Developer of the world's leading software for data driven decisions and operations Note: Some partnerships are in the process of being finalised into binding, definitive agreements. Source: Company filings. Company websites. Fortune. Citywire. Airport Association ADV. Private Equity Wire. BAILLIE GIFFORD One of UK's best performing funds - major investor in Tesla & Amazon atomico° Among Europe's leading and largest early-stage investors LGT A pioneering global impact investor Lilium Investor Presentation 2021 8 00#9VIP Note: Advertising and US East Coast used for illustrative purposes only. Lilium is expecting to initially launch in Florida and Germany. Lilium pricing based on Business Plan. 7-Seater: 2026E. Time calculations based on Lilium flight time with average speed of 155 mph. Wall Street to Philadelphia 30 mins $170 LILIUM ROSS Lilium Investor Presentation 2021 9 WALL#10378 Palo Alto to Napa 25 mins $130 LILIUM PA Note: Advertising and US California used for illustrative purposes only. Lilium is expecting to initially launch in Florida and Germany. Lilium Pricing based on Business Plan. 7-Seater: 2026E. Time calculations based on Lilium flight time with average speed of 155mph. Lilium Investor Presentation 2021 10#11Williamsport Albany Norwich Binghamton Pottsville • Poughkeepsie Middletown Scranton Reading Harrisburg Baltimore Washington Allentown Trenton Philadelphia Greenwich New York JFK Airport Springfield New Haven Launch Mid-term Providence Montauk Boston Source: Estimated pricing based on Lilium business plan. Note: 7-seater: 2026E. Time calculations based on Lilium flight time with average speed of 155 mph. Time comparison based on average trip time by car according to Google Maps. New York used for illustrative purposes only. Lilium is expecting to initially launch in Florida and Germany. Range refers to service range (service range = physical range minus reserves). Lilium can revolutionize urban, suburban & regional mobility ~40 minutes - ~$200 ~2 hours time saving ~5 minutes - ~$65 ~40 minutes time saving ~30 minutes - ~$170 ~1+ hour time saving Zero Operating Emissions Lilium Investor Presentation 2021 11#12Lilium can revolutionize urban, suburban & regional mobility Mendocino Mid-term Launch Chico ~30 minutes - ~$165 ~1 hour time saving ~10 minutes - ~$90 ~45 minutes time saving ~40 minutes - ~$200 ~1 hour 45 minutes time saving Reno Lake Tahoe Sacramento St Helena Santa Rosa Napa San Francisco Palo Alto San Jose Santa Cruz Stockton Yosemite Fresno Zero Operating Emissions Big Sur Source: Estimated pricing based on business plan. Note: 7-seater: 2026E. Timé calculations based on Lilium flight time. with average speed of 155 mph. Time comparison based on average trip time by car. California used for illustrative purposes only. Lilium is expecting to initially launch in Florida and Germany. Range refers to service range (service range = physical range minus reserves).#13Lock Haven Binghamton Scranton Roscoe Albany Springfield Boston Hartford Poughkeepsie New Haven The Hamptons Newark Airport New York Long Island Allentown Harrisburg Airport New Jersey Harrisburg Lancaster Philadelphia ◆ Northeast Philadelphia Airport Baltimore Washington Salisbury Atlantic City Providence Source: European Court of Auditors (see sources - explains average cost and time to deploy High-Speed Rail Infrastructure). Management estimates. Note: Example of a potential network based on mid-term range potential. New York used for illustrative purposes only. Lilium is expecting to initially launch in Florida and Germany. High-speed eVTOL network aiming to turn states into neighborhoods 100x cheaper 10x denser & faster to deploy vs. ground transport infrastructure Zero Operating Emissions Lilium Investor Presentation 2021 13#14Market: moving people & things at high speed Moving people 2040 ~$1.0 2.0 Trillion Source: Morgan Stanley (see sources). Note: Market size refers to revenue. ~$1.5-$3.0 Trillion Moving things 2040 ~$0.5 0.8 Trillion P 6666 Lilium Investor Presentation 2021 14#15Industry-defining fully electric vertical take off & landing jet Best projected unit economics 7 seats 175 mph leading payload X cruise speed Best projected market access 155+ miles leading range Lower noise than open propeller eVTOLS Zero Operating Emissions Source: Architectural performance assessment of an eVTOL aircraft (see sources). Lilium engineering assessment. Management estimates. Note: Cruise speed based on Lilium engineering assessment assuming flight at 10,000 ft. Range refers to physical range (service range + reserves). Lilium Investor Presentation 2021 15#16Lilium's technology demonstrator aircraft Aircraft in the image is a full scale, unmanned demonstrator and not a serial production aircraft. Lilium Investor Presentation 2021 16#17GATE 6 THOUR AUOY YOU LILIUM LILIUM Lilium Investor Presentation 2021 17#18Business jet format, convenience of a car LILIUM +LILIUM Lilium Investor Presentation 2021 18#19Revolutionizing logistics 6m3 or ~210ft³ of cargo Source: Management estimates. P1R P1 53.544180 CAUTION 9.946615 E 200X 學 Lilium Investor Presentation 2021 19#20Revolutionary Technology Lilium Investor Presentation 2021 20#21Ducted Electric Vectored Thrust (DEVT) Proprietary technology at the core of Lilium's technology platform Major advantages over open propeller eVTOL Lower noise, lower vibration Larger aircraft with more payload Scalable Source: Architectural performance assessment of an eVTOL aircraft (see sources). Note: DEVT can scale to larger aircraft with more payload for same footprint and noise level. Lilium Investor Presentation 2021 21 21#22Chosen propulsion system has the highest market penetration ~95% of commercial aircraft and business jets manufactured use ducted fans Source: GAMA, JADC, Company information (Airbus, Boeing, Bombardier, Embraer), 2009 – 2019. 440 Lilium Investor Presentation 2021 22 22#23DEVT technology supports higher payload & scaling to larger aircraft Open propeller 5-Seater competitor Cannot scale to heavier aircraft with more payload without significant increase in rotor tip- to-tip span (footprint) or noise levels Lilium 7-Seater Space for cargo: 6m³/210ft³ 1.5x larger passenger capacity and revenue potential vs. identified competitor Lilium 16-Seater Space for cargo: 15m³/530ft³ 3.75x larger passenger capacity and revenue potential vs. identified competitor P 10 15m D 009 6000 Source: Architectural performance assessment of an eVTOL aircraft (see sources). eVTOL.news. Lilium business plan. Note: Lilium 16-Seater projected to be launched by 2028. Lilium Investor Presentation 2021 23#24Note: Indicative rendering concept. 7-Seater will be an economic game changer 16-Seater will take it further Zero Operating Emissions Lilium Investor Presentation 2021 24#25Low noise at take-off allows Lilium access to more landing sites, higher network density A Open propeller eVTOLS ~60 dBA projected at 220m Source: Management estimates. Architectural performance assessment of an eVTOL aircraft (see sources). Note: Assumes similar aircraft weight for open propeller eVTOLS vs. Lilium's 7-Seater. I TA Inaudible during cruise from the ground Lilium Jet ~60 dBA at 100m Lilium creates 5x lower noise footprint in hover flight than open propeller eVTOLS Lilium Investor Presentation 2021 25#26Advanced battery cell technology secured with exclusivity for the eVTOL market Strategy • Evaluated >50 battery technology companies • Energy requirements: high energy and power density Operating requirements: long cycle life, low cost and fast charge Chosen cell chemistry measurements • Silicon-anode lithium-ion pouch battery cells >330 Wh/kg • Fast charge: 15 minutes to 80%, 30 minutes to 100% • Chemistry measured beyond 800 cycles As battery cells continue to improve, our range will grow accordingly Projected physical range in miles ~123 ~155 ~193 ~252 (Service range) (~98) (~130) (~163) (~217) Energy density in Wh/kg Industrialisation 280 330-350 400 500 • Battery cell manufacturing on standard production lines with pre-lithiation • Intend to leverage established partners for mass manufacturing Source: Management estimates. Third party battery supplier. Architectural performance assessment of an eVTOL aircraft (see sources). Roland Berger (see sources). Lilium Battery Team. Note: Service range assumes 25 miles of reserves for rain, headwind and diversion for 123-155 miles range, 30 miles reserves for 193 miles range and 35 miles reserves for 252 miles range. Battery cell technology still under development, design not yet finalized. Target for entry into service Lilium Investor Presentation 2021 26#27Energy storage system: innovative & safe Battery systems are years in development: Tested and refined over several years to meet aerospace requirements Optimization of weight and cost through detailed structural design and material choices Safety and redundancy: Independent battery packs will provide redundancy to meet regulators' safety requirements Containment of any incident in battery cells in a module will allow continued safe flight and landing Integration of crumple zone into the primary aircraft structure will meet regulators' crash requirements N12 Source: Management estimates. EPS Design Challenges and Solutions, Lilium Battery team, 2020. Note: Battery depicted has been rendered utilizing computer graphics; energy storage system still in development. Regulator requirements refer to EASA and FAA. Lilium Investor Presentation 2021 27#28Accomplished leadership in aviation Source: Company information. Note: Information as of February 2021. ~400 Engineers with a combined ~4,000 years of aerospace experience Daniel Wiegand CEO & Co-Founder Aerospace Engineer Dirk Gebser Chief Manufacturing Officer VP Aircraft Assembly A380 & A320 Yves Yemsi Chief Program Officer SVP Procurement & Supply Chain, VP Program Quality A350 LILIUM AIRBUS AIRBUS Luigi Ricci Moretti Chief Engineer Chief Engineer Next Generation Civil Tilt Rotor LEONARDO PIASECKI Alastair McIntosh Chief Technology Officer Chief Engineer A350 engines and MD Rolls-Royce Germany R Brian Phillipson Deputy CTO MD EurofighterGroup MD BAE Systems BAE SYSTEMS Eurofighter Typhoon Lilium Investor Presentation 2021 28#29This team has developed & delivered some of the most successful & complex aircraft in aviation history VP Aircraft Assembly, SVP Aerostructure VP Supply Chain Airframe VP Program Quality Airbus A320 The most successful aircraft ever Engines of Airbus A350 and Gulfstream G650 Chief Engineer Airbus A350 Most modern widebody aircraft with unrivalled levels of operational efficiency Eurofighter Typhoon The world's most advanced fighter jet Managing Director VP Aircraft Assembly, Airbus A380 Harrier VTOL Program Director SVP Aerostructure The world's largest passenger airliner The world's first VTOL fighter VP Supply Chain Airframe Source: Airbus (see sources). Eurofighter Typhoon (see sources). National Museum of Scotland (see sources). Note: Titles refer to previous roles. Lilium Investor Presentation 2021 29#30Global business team with entrepreneurial experience 40+ nationalities, work in English Source: Company information. Note: Information as of February 2021. Geoff Richardson Chief Financial Officer CFO of Cruise, Oversaw $7BN+ of Capital into Cruise Alex Asseily Chief Strategy Officer Founder, Jawbone Founder, Elvie Jessica Bryndza Chief Marketing Officer Senior Marketing Leadership Goldman Sachs cruise Morgan Stanley JAWBONE ZULU elvie Google SoftBank Uber Anja Maassen van den Brink Chief People Officer CHRO at Vodafone Ziggo Remo Gerber Chief Operating Officer MD W. Europe, Gett, COO Northern Europe at Groupon vodafone Ziggo McKinsey GROUPON & Company Gett Lilium Investor Presentation 2021 30#31Certification & Manufacturing Lilium Investor Presentation 2021#32FEDERAL ADMINIS AVIATION RATION EASA Jumpwan Station Sally gay Certification with Lilium has agreed certification basis with EASA and is in concurrent type certification with EASA & FAA First engagement with EASA & FAA to establish inputs Certification application accepted by EASA and FAA Regulatory framework: EASA SC VTOL publication (H2 2019) End 2020: EASA CRI-A01 received - Certification basis agreed¹ both authorities would ensure global 2016 2017 2018 2019 2020 2021 2022 2023 2024 Today market access Technology maturation through several aircraft demonstrators Frequent engagement with regulators Source: EASA. Company information. Management estimates. Note: Indicative timeline: Lilium does not control regulatory timelines. (1) In 2020 received EASA CRI-A01 against current EASA SC-VTOL. Ground flight test campaign with several aircraft & Type Certification Lilium Investor Presentation 2021 32#33Aircraft designed for manufacturability & scale Only one type of e-motor Only one type of actuator Only one type of battery module Very few, highly repetitive components Automotive-style design for manufacturing Fully automated high-quality production of engines, actuators and batteries Source: (1) Management estimates. (2) Boeing (see sources). 30x fewer parts than commercial airliner: <100k projected parts of the Lilium jet vs ~3M 2 Lilium Investor Presentation 2021 33#34100,000 ft² prototype manufacturing facility in place at HQ in Munich ~130 production engineers and technicians - operating systems & aircraft assembly & test Fast prototyping capabilities for 80 core processes: (machine shop, metrology lab, 3D-print, and 130 fast make suppliers) Aerospace quality processes are in place: 25 quality engineers driving aerospace approvals & assurance Major tier 1 aerospace suppliers signed (e.g. Toray, Aciturri), 80+ suppliers projected to be contracted in 2021 Source: Company information. Management estimates. Note: Prototype Manufacturing. Lilium Investor Presentation 2021 34#35The Business Model CILIUM Lierum Vertiport plans with Ferrovial for Florida Lilium Investor Presentation 2021 35 SOUS MARY YOUR#36Unique aircraft capabilities with the potential to provide access to multiple profit pools Lilium Network (B2C) Passengers Lilium-branded passenger mobility networks and jet charter US & Europe initially Governments Turnkey Enterprise Solution (B2B) Co-develop passenger network for regional government Global Enterprise mobility Provide enterprise passenger mobility to airlines and corporates Global Cargo transport Provide multiple aircraft to enterprises for freight Global Source: Lilium Business Model. Lilium Investor Presentation 2021 36#37Our capital-light model allows us to deliver quality & scale in our operations LILIUM 3rd Parties LILIUM Source: Lilium Business Plan. Lilium Network (B2C) Digital Platform Turnkey Enterprise Solution (B2B) Network management | Flight planning | Aircraft ops | Customer app Infrastructure & Operations Vertiport infrastructure | Airline operations | Pilot training | Maintenance Aircraft Aircraft engineering | Manufacturing ferrovial Lufthansa Aviation Training TAVISTOCK DEVELDING OF CONTAIN Lilium Investor Presentation 2021 37#38Digital platform connecting customers, aircraft & ground operations Vertiport and charging management 17:00 806 W Aircraft data and health management 81296 Flight planning and network management Partner service integration & booking. 4 10 LILIUM 14 Note: Platform still under development. www Customer app 041 To Boston Show 12 Fights You're on your way to Boston 10:40 Your say and In jet & destination information Lilium Investor Presentation 2021 38#39One jet can generate >$15k revenue per day ~30 minutes flight time $170 ticket price Philadelphia ~20 minutes Boarding and charging Manhattan ~20 minutes Boarding and charging Passenger miles per jet per day ~1,500 Revenue per jet per day ~$15,000 Revenue per jet per year ~$5M Jet unit cost ~$2.5M Source: Lilium business plan. 7-seater: 2026E. Note: Jets to be deployed. Converted at USD/EUR of 1.21. Assuming 75% Load factor and 5% Deadhead ratio. New York used for illustrative purposes only. Lilium is expecting to initially launch in Florida and Germany. Lilium Network (B2C routes). Zero Operating Emissions Lilium Investor Presentation 2021 39#40Highly attractive unit economics in complementary business models Lilium Network (B2C) Annual revenue Annual contribution margin ~$5M ~25% Jet payback period. - 2 years Lifetime profit per jet ~ $10M Turnkey Enterprise Solution (B2B) Governments Enterprise mobility Cargo transport 2 Jet unit cost $2.5M Upfront payment ~ $4M Annual service fee1 ~ $1M Source: Lilium business plan. Note: 7-Seater: 2026E. B2C LT profit calculated as contribution margin for given year * lifetime of jet (equal to 8 years). B2B LT profit calculated as upfront payment minus initial costs plus annual service margin * lifetime of jet (equal to 8 years). Figures converted at USD/EUR of 1.21. (1) Annual service fee includes spare parts and digital infrastructure, not operations. Jet payback period. Lifetime profit per jet immediate ~ $5M Lilium Investor Presentation 2021 40 00#41~$200M of commitments from leading partners Partnering with leading infrastructure partners in Florida to build up to 14 vertiports. Engaged in negotiations with key infrastructure partners for 10 vertiports to build network across Europe. Potential annual revenue of $1BN from Lilium Network by 2026. Planned vertiports represent first 2 years of revenue growth for Lilium after commercial launch. ferrovial TTAVISTOCK SKVELDINE CONTAY Source: Lilium business plan. Lilium Investor Presentation 2021 41#42Florida launch network planned with Ferrovial and Tavistock Jets to be deployed Tampa St. Petersburg Sarasota ~125 Fort Myers Potential revenue p.a. ~$600M Source: Lilium business plan. Note: Planned network for Lilium in Florida, indicative. Lilium Network (B2C routes). Naples Daytona Orlando Key Largo Melbourne Port St Lucie ferrovial TAVISTOCK T OVEMENT COHWAY Development of 14 sites by Ferrovial and Tavistock West Palm Beach Fort Lauderdale Miami Lilium Investor Presentation 2021 42#43Proposed Germany launch network has a ~ $900M+ potential run rate Jets to be deployed Düsseldorf Cologne Luxembourg ~190 Potential revenue p.a. ~$900M Source: Lilium business plan. Note: Planned network for Lilium in Germany, indicative. Lilium Network (B2C routes). Bielefeld Stuttgart Base Zürich Frankfurt Kassel Köln Bonn Airport Nuremberg Ingolstadt Munich Airport Munich Düsseldorf DUS Airport Salzburg Lilium Investor Presentation 2021 43#44FEDERAL ADMIN AVIATION RATION Launch Source: Lilium Business Model. Note: Certification in process, not yet obtained. ferrovial TAVISTOCK EVENT CO EASA Fuman as safely gay 4104 Köln Bonn Airport Düsseldorf DUS Launch Airport Global Opportunity Tencent 腾讯 Lilium Investor Presentation 2021 44#45Lufthansa Aviation Training Lufthansa Aviation will train our pilots Source: Signed agreement with Lufthansa. FLIGHT TES lum Markus Lilium Test Pilot L Lilium Investor Presentation 2021 45#46Financial & Transaction Overview D A Lilium Investor Presentation 2021 46#47This transaction is intended to fund to launch of commercial operations Finalize German factory for serial production • Launch serial production aircraft Complete Type Certification process Launch global revenue generating business Production & engineering capex ~$200M, 25% Source: Lilium business plan. Management estimates. Go-to-market ~$100M, 12.5% Talent & Infrastructure ~$500M, 62.5% Lilium Investor Presentation 2021 47#48Diversified revenue model Balanced revenue streams... (in $BN) $5.9 ...driven by strong market entry ~1,000 jets in operation by 2027 ~30,000 tickets sold per year per jet on average by 2027 ~600,000 miles flown per year per jet in 2027 ~$550 average revenue per flight by 2027 3.2 $3.3 1.7 $1.3 2.7 0.5 1.6 $0.2 0.8 2024E 2025E 2026E 2027E Turnkey Enterprise Solution ■Lilium Network Source: Lilium business plan. Management estimates. Note: Converted at USD/EUR of 1.21. ~$4M upfront revenue per jet ~$6M revenue from recurring services per jet over 8 years Lilium Investor Presentation 2021 48#49Financial profile $M Production volume 2024E 2025E 2026E 2027E 90 325 600 950 Profit & Loss items Revenue 246 1,314 3,306 5,867 % Growth nm 435% 152% 77% EBITDA % Margin Selected cash flows (180) 70 708 1,440 nm 5% 21% 25% Operating cash flows Capex1 % Revenue (197) 39 521 1,060 (61) (108) (45) (114) 25% 8% 1% 2% Capital Investments in Lilium Network fleet² (127) (448) (749) (1,152) % Revenue 52% 34% 23% 20% Source: Lilium business plan. Management estimates. Note: Converted at USD/EUR of 1.21. (1) Investments for manufacturing capex, supplier NRCS, engineering, testing and certification, and small per head investments. (2) Lilium assumes external financing. Aircraft allocation flexibility between Lilium Network and Turnkey Enterprise Solution (assumed 50/50%) Infrastructure capex funded by partners Enterprise business provides credit floor and revenue visibility, network has high revenue ceiling Lilium Investor Presentation 2021 66 49#50Enterprise value benchmarking Based on $2.4bn pro forma EV EV / Revenue EV Infra Vertical mobility Vertical mobility Electric Vehicle Market Leaders & Tech¹ At Announcement Current Trading Current Trading Shared Economy² Current Trading LiDAR³ 4.5x 2.7x 2.3x 2.3x 2.6x 2.5x 1.3x 1.3x 1.8x 1.2x 0.7x Valuation year | LILIUM 2026 ARCHER ARCHER Joby Joby 2026 2026 TESLA NIO XPENG 2026 Trading Median 2026 2025 EV/EBITDA EV Infra Vertical mobility Vertical mobility Electric Vehicle Market Leaders & Tech¹ At Announcement Current Trading Current Trading Shared Economy² Current Trading LiDAR³ 14.6x 11.4x 5.8x 5.6x 4.2x 4.4x 3.4x Valuation year | LILIUM 2026 ARCHER ARCHER Joby Joby 2026 2026 N/A N/A N/A TESLA NIO XPENG 2026 Source: Management estimates, investor presentations, FactSet as of 03/26/2021 Note: Multiples omitted due to lack of broker estimates labeled as "N/A"; Precedent transaction multiples represent multiple at time of announcement at $10.00 SPAC share price; "Current trading" based on current enterprise value, including dilutive impact of warrants, and Wall Street equity research estimates; Multiples less than 0.0x or greater than 100.0x omitted from calculations; 1 Includes Chargepoint, EVgo, QuantumScape; 2 Includes Airbnb, Blade, Lyft and Uber; 3 Includes Aeva, Innoviz, Luminar and Ouster 5.8x Trading Median 2026 2025 Lilium Investor Presentation 2021 50#51Transaction overview Illustrative sources and uses Sources SPAC cash in trust¹ PIPE capital Lilium shareholders Qell promote³ Total sources Uses Cash to balance sheet Lilium shareholders Illustrative fees & expenses Qell promote³ Total uses Illustrative pro forma valuation Share price $10.00 $M Pro forma shares outstanding (M) 1, 2, 3 332.0 $380 Pro-Forma Equity value $3,320 $450 Existing Net debt / (cash)4 ($166) $2,444 $46 $3,320 $M $780 Cash to balance sheet Pro-Forma Enterprise value Illustrative pro forma ownership¹ Qell public shareholders 11% ($780) $2,374 Qell sponsor shareholders³ 1% $2,444 $50 $46 $3,320 Source: Management estimates. Note: Converted at USD/EUR of 1.21. (1) Assumes no redemptions from SPAC existing public shareholders. (2) Represents 244.4M shares owned by existing Lilium shareholders (includes key employee incentive and ESOP), 45.0M shares owned by PIPE shareholders, 38.0M shares owned by SPAC Public shareholders and 4.6M shares attributed to the Sponsor; excludes any dilutive effects from the exercise of warrants. (3) Excludes 40% of sponsor shares (3.1M) subject to earnout based on the achievement of certain operational milestones and otherwise which will become fully vested by end of the Q3 2025. (4) Based on preliminary 2020 financial results. (5) Dual class equity structure to provide 3:1 super voting rights to Daniel Wiegand, subject to customary sunset provisions. PIPE shareholders 14% Existing Lilium shareholders5 74% Lilium Investor Presentation 2021 51#52Thank You Lilium Investor Presentation 2021#53Sources Page 7,15,21, 23, 25, 26 7,14 13 Source Architectural performance assessment of an electric vertical take-off and landing (e-VTOL) aircraft based on a ducted vectored thrust concept, Dr. P. Nathen, 2021 Morgan Stanley Research, Flying Cars: Investment Implications of Autonomous Urban Air Mobility, December 2, 2018 European Court of Auditors - A European high-speed rail network: not a reality but an ineffective patchwork 26 Roland Berger 29 29 Airbus 29 22 29 Eurofighter Typhoon National Museum of Scotland 32 32 33 EASA Boeing Link • n/a n/a https://op.europa.eu/webpub/eca/special-reports/high-speed-rail-19- 2018/en/ https://www.rolandberger.com/publications/publication_pdf/roland_berge r_aircraft_electrical_propulsion_2.pdf https://www.airbus.com/content/dam/corporate- topics/publications/backgrounders/EN-Airbus-A320-Facts-and-Figures.pdf https://www.airbus.com/newsroom/press-releases/en/2019/03/lufthansa- orders-20-additional-a350900-widebody-aircraft.html https://www.airbus.com/aircraft/passenger-aircraft/a380.html https://www.eurofighter.com/the-aircraft https://www.nms.ac.uk/explore-our-collections/stories/science-and- technology/hawker-siddeley-harrier/ https://www.easa.europa.eu/sites/default/files/dfu/SC-VTOL- 01%20with%20highlights.pdf https://www.boeing.com/commercial/services/parts-solutions/ Lilium Investor Presentation 2021 53