#1VERTICAL INVESTOR DECK 2021 PRIVATE & CONFIDENTIAL#2LEGAL DISCLAIMER About this Presentation This investor presentation (this "Presentation") is for informational purposes only to assist interested parties in making their own evaluation with respect to the proposed business combination (the "Proposed Business Combination") between Broadstone Acquisition Corp. ("Broadstone" or "SPAC") and Vertical Aerospace Group Ltd. (the "Company" or "Vertical") and for no other purpose. The information contained herein does not purport to be all-inclusive and none of Broadstone, the Company or their respective affiliates makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Presentation. Viewers of this presentation should make their own evaluation of the Company and of the relevance and accuracy of the information and should make such other investigations as they deem necessary. This Presentation does not constitute (1) a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Business insed Business Combination or (ii) an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any security of Broadstone, the Company, or any of their respective affiliates, 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. No offering of securities shall be made except by means of a prospectus meeting the requirements of the U.S. Securities Act of 1933, as amended (the "Securities Act"). You should not construe the contents of this Presentation as legal, tax, accounting or investment advice or a recommendation. 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Forward-looking statements generally relate to future events or Broadstone's or the Company's future financial or operating performance. For example, projections of future EBITDA and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict". "potential" or "continue", or the negatives of these terms or variations of them or similar INVESTOR DECK 2021 terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Broadstone and its management, and the Company and its management, as the case may be, are inherently uncertain. Nothing in this Presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither Broadstone nor the Company undertakes any duty to update these forward-looking statements. Non-IFRS Financial Measures This Presentation includes certain financial measures not presented in accordance with International Financial Reporting Standards as promulgated by the International Accounting Standards Board ("IFRS") including, but not limited to, EBITDA and free cash flow and certain ratios and other metrics derived therefrom. These non-IFRS financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under IFRS. You should be aware that the Company's presentation of these measures may not be comparable to similarly-titled measures used by other companies. The Company believes these non-IFRS measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company believes that the use of these non-IFRS financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in and in comparing the Company's financial measures with other similar companies, many of which present similar non-IFRS financial measures to investors. These non-IFRS financial measures 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. Please refer to footnotes where presented on each page of this Presentation or to the appendix found at the end of this Presentation for a reconciliation of these measures to what the Company believes are the most directly comparable measures evaluated in accordance with IFRS. This Presentation also includes certain projections of non-IFRS financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable IFRS financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable IFRS measures is included and no reconciliation of the forward-looking non-IFRS financial measures is included. Certain monetary amounts, percentages and other figures included in this Presentation have been subject to rounding adjustments. Certain other amounts that appear in this Presentation may not sum due to rounding. Use of Projections This Presentation contains financial forecasts with respect to the Company's projected financial results, including revenue, gross profit, EBITDA, operating expenses, capital expenditures and free cash flow, for the Company's fiscal years 2021 through 2028. The Company'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 did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this Presentation. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the projected financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projected financial information. Accordingly, there can be no assurance that the projected results are indicative of the future performance of the Company or that actual results will not differ materially from those presented in the projected financial information. Inclusion of the projected financial information in this Presentation should not be regarded as a representation by any person that the results contained in the projected financial information will be achieved. Industry and Market Data In this Presentation, Broadstone and the Company rely on and refer to certain information and statistics obtained from third- party sources which they believe to be reliable, including independent industry reports from Morgan Stanley, Statista, Magna Intelligence. Neither Broadstone nor the Company has independently verified the accuracy or completeness of any such third-party information. Additional Information A preliminary proxy statement prospectus on Form F-4 relating to the Proposed Business Combination is expected to be filed with the SEC and will be mailed to Broadstone's shareholders once definitive. This Presentation does not contain all the information that should be considered concerning the Proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Business Combination. Broadstone's shareholders and other interested persons are advised to read, when available, the preliminary proxy statement / prospectus and the amendments thereto and the definitive proxy statement / prospectus and other documents filed in connection with the Proposed Business Combination, as these materials will contain important information about the Company, Broadstone and the Proposed Business Combination. When available, the definitive proxy statement / prospectus and other relevant materials for the Proposed Business Combination will be mailed to shareholders of Broadstone as of a record date to be established for voting on the Proposed Business Combination. Shareholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC's website at www.sec.gov, or by directing a request to Vertical at 140-142 Kensington Church Street, London W8 4BN, United Kingdom or to Broadstone at Broadstone Acquisition Corp., 7 Portman Mews South, Marylebone, London WIH 6AY, United Kingdom. Participants in the Solicitation Broadstone and its directors and executive officers may be deemed participants in the solicitation of proxies from Broadstone's shareholders with respect to the Proposed Business Combination. A list of the names of those directors and executive officers and a description of their interests in Broadstone is contained in Broadstone's Registration Statement on Form S-1, which was declared effective on September 10, 2020, which was filed with the SEC and is available free of charge at the SEC's website at www.sec.gov, or by directing a request to Broadstone at Broadstone Acquisition Corp., 7 Portman Mews South, Marylebone, London WIH 6AY, United Kingdom. Additional information regarding the interests of such participants will be contained in the proxy statement / prospectus for the Proposed Business Combination when available. The Company and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Broadstone in connection with the Proposed Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the Proposed Business Combination will be included in the proxy statement / prospectus for the Proposed Business Combination when available. PRIVATE & CONFIDENTIAL Private Placement The PIPE financing described herein has not been and will not be registered under the Securities Act or any applicable state securities laws. This Presentation is being furnished solely in reliance on applicable exemptions from the registration requirements under the Securities Act. The PIPE financing will be offered and sold only to "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) and institutional "accredited investors" (as defined in Rule 501(a)(1), (2),(3) or (7) promulgated under the Securities Act). This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any offer, solicitation, or sale of any such securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful. Before you invest, you should undertake your own diligence regarding the Proposed Business Combination. Trademarks The Company has proprietary rights to trademarks used in this Presentation that are important to its business, many of which are registered under applicable intellectual property laws. This Presentation also contains trademarks, trade names and service marks of other companies, which are the property of their respective owners. Solely for convenience, trademarks, trade names and service marks referred to in this Presentation may appear without the ", ™M or SM symbols, but such references are not intended to indicate, in any way, that the Company will not assert, to the fullest extent permitted under applicable law, its rights or the right of the applicable licensor to these trademarks, trade names and service marks. The Company does not intend our use or display of other parties' trademarks, trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, any other parties. 2#3INTRODUCTION VERTICAL AEROSPACE AND BROADSTONE BUSINESS COMBINATION SUMMARY TRANSACTION STRUCTURE VALUATION CAPITAL STRUCTURE INVESTOR DECK 2021 Vertical Aerospace Ltd to combine with Broadstone Acquisition Corp, a publicly listed Special Purpose Acquisition Company ("SPAC") The Trans tion is expected to close in Q4 2021 Post-closing Vertical will be listed on the NYSE with the ticker symbol "EVTL" Fully diluted pro-forma equity value of $2.2bn and a pro-forma enterprise value of $1.8bn 0.5x 2026E revenue 1.3x 2026E EBITDA Highly attractive valuation entry point relative to peer transactions $394m of total gross proceeds raised to fund growth, comprising; $305m cash currently held in trust from Broadstone $89m of PIPE proceeds PRIVATE & CONFIDENTIAL INVESTORS Microsoft ROLLS R Rolls-Royce ROYCE American Airlines Honeywell AVOLON ROCKETINTERNET 40north ventures 3#4VERTICAL AEROSPACE AND BROADSTONE A PROVEN TRACK RECORD OF DISRUPTING MAJOR INDUSTRIES 1.IRR and equity multiple represent weighted averages from investments during the period March 1993 to date. INVESTOR DECK 2021 HUGH OSMOND CHAIRMAN Serial entrepreneur and investor 25+ years of transactions totalling over £10bn Delivered IRR of 48% and equity multiple of 3.5x¹ STEPHEN FITZPATRICK FOUNDER & CEO Leading energy tech entrepreneur Founder of Ovo Energy, Europe's largest independent energy retailer with over $6.5bn of revenue B BROADSTONE ACQUISITION CORP PRIVATE & CONFIDENTIAL VERTICAL 4#5WHY INVEST? Strategy validated by suppliers and customers Fast route to scale production at low capital cost Multiple routes to market - underpinned by pre-orders of up to 1,000 aircraft Seasoned veterans of the aerospace industry with 1,200+ years of experience and over 30 aircraft certified Attractive valuation entry point RTICAL INVESTOR DECK 2021 PRIVATE & CONFIDENTIAL 5#6EXECUTIVE SUMMARY 2.0 VA-X4 3.0 KEY TECHNOLOGIES & PRODUCTION 4.0 ADDRESSABLE MARKET 5.0 FINANCIAL HIGHLIGHTS 6.0 TRANSACTION HIGHLIGHTS INVESTOR DECK 2021 PRIVATE & CONFIDENTIAL 1.0 6#7WHY EVTOL? WHY NOW? INVESTOR DECK 2021 THE TECHNOLOGY IS READY The shift in the automotive sector from internal combustion to electric has driven significant technical advancements that can now be applied to aerospace and eVTOL is one of the first useful applications POCA THE PRICE IS RIGHT 94 At c.$1 operating cost per seat mile over a 25 mile journey, there is a clear opportunity for eVTOL to replace numerous existing modes of transport for different purposes. Our ambition is to be the leader in opening up this new travel dimension PRIVATE & CONFIDENTIAL 7 LUT#89.00 m A REVOLUTIONARY CUSTOMER EXPERIENCE 100x INVESTOR DECK 2021 SAFER 100x QUIETER zero EMISSIONS STATS ARE VS A CONVENTIONAL HELICOPTER 1. Based on VA-X4 certification to EASA standards for commercial aircraft vs. helicopter safety standards. 2. Based on projected VA-X4 noise level of <70dB vs. average helicopter noise level. 3. Based on estimated ticket price per passenger vs. Blade per seat mile cost on an estimated 25 mile journey. PRIVATE & CONFIDENTIAL 1/5th COST 8#9DESIGNED TO WIN A SINGULAR FOCUS ON THE FASTEST ROUTE TO SCALE INVESTOR DECK 2021 VERTICAL 1. Conditional pre-orders from Avolon and American Airlines with pre-order option from Virgin Atlantic VERTICAL CERTIFICATION VA-X4 Designed around existing, certifiable technology Top tier aerospace R&D partners World class team that have certified and supported 30+ aircraft and propulsion systems OPERATING MODEL Focus on what delivers true competitive advantage Leverage ecosystem for economies of scale Asset-light strategy delivers attractive returns PRIVATE & CONFIDENTIAL GLOBAL ECOSYSTEM - Certified to highest global standards = largest potential TAM Conditional pre-orders of up to 1,000 aircraft from strategic commercial partners American Airlines, Avolon and Virgin Atlantic' 9#10BACKED BY GLOBAL LEADERS KEY STRATEGIC PARTNERS ARE ALSO INVESTORS TECHNICAL INVESTORS COMMERCIAL INVESTORS MICROSOFT INVESTOR DECK 2021 World's largest software company Microsoft Market Capitalization $2tn Market data from Factset, as of 23/04/20211. By fleet size, following announcement of AerCap's acquisition of GECAS. 2. Avolon 2020 Year-End. 3. As of 2019. ROLLS-ROYCE One of the world's largest industrial tech companies ROLLS R Rolls-Royce ROYCE $12bn AVOLON Market Capitalization World's second largest aircraft lessor¹ AVOLON $31bn Total Assets ² PRIVATE & CONFIDENTIAL HONEYWELL A leading provider of flight controls and avionics Honeywell $156bn bn Market AMERICAN AIRLINES The world's largest airline Capitalization American Airlines 200m Passengers Annually ³ 10#11STEPHEN FITZPATRICK FOUNDER & CEO VINNY CASEY VIC TERRY ovo energy CHIEF FINANCIAL OFFICER OVO energy dyson HEAD OF DIGITAL SYSTEMS EXCEPTIONAL INVESTOR DECK 2021 SENIOR TEAM HAND PICKED FROM AEROSPACE AND ADVANCED AUTOMOTIVE Notes: Statistics as of March 2021. Logos represent previous employers of note MICHAEL CERVENKA PRESIDENT STEVE ACKROYD HEAD OF BUSINESS DEVELOPMENT LIMHI SOMERVILLE R Rolls-Royce HEAD OF BATTERY 120+ VERTICAL ENGINEERS OVO energy JAGUAR 850+ years of aerospace experience safety, efficiency, scale 400+ years of Fl experience technology, performance, agility PAUL HARPER PARTNERS HEAD OF CERTIFICATION TIM WILLIAMS CHIEF ENGINEER AIRBUS MADHU BHABUTA Rolls-Royce GCHQ CHIEF INFORMATION OFFICER 300+ ENGINEERS FROM STRATEGIC R&D resources from supply chain partners dedicated to VA-X4 development PRIVATE & CONFIDENTIAL EDUARDO DOMINGUEZ - CHIEF COMMERCIAL OFFICER ERIC SAMSON AIRBUS GENERAL DYNAMICS HEAD OF ENGINEERING UNIQUE DEPTH OF TALENT LAWRENCE AIRBUS BLAKELEY HEAD OF POWERTRAIN At the epicentre of aerospace and Fl technical and supply chain ecosystem 11#12VA-X4 Aircraft statistics are expected figures based on company information. INVESTOR DECK 2021 Honeywell CAPACITY 5 People 1x pilot 4 x passengers RANGE 100+ Miles VERTICAL TOP SPEED 200+ mph up to an altitude of 5,000ft CO² EMISSIONS 0 VX 261 INITIAL CERTIFICATION EASA/CAA PRIVATE & CONFIDENTIAL OPERATING COST c.$1.06 per seat mile for a 25 mile journey 12#132016 VERTICAL FOUNDED 2017 VA-X1 TETHERED TEST FLIGHT 2018 INVESTOR DECK 2021 VA-X 1 FULL TEST FLIGHT OUR JOURNEY TO CERTIFICATION 2019 - VA-X2 FULL TEST FLIGHT KEY TAKEAWAYS 2020 VA-X4 DESIGN UNVEILED AND EASA TYPE CERTIFICATION APPLICATION 2021 VA-X4 TEST FLIGHT Focus on meeting existing technical and regulatory envelope Chairing EASA Electrical VTOL working group Partners de-risk certification of systems 2022 4115 ...O...... 2023 PILOTED TEST FLIGHT AND TRANSITION FROM HOVER TO WINGBOURNE FLIGHT PRIVATE & CONFIDENTIAL 2024 EASA Civil Aviation Authority FEDERAL 520 AD ADMIN AIRCRAFT TYPE CERTIFICATION 13#14TECHNOLOGY PARTNERSHIPS TECHNOLOGY PARTNERSHIPS COMBINED WITH INTERNAL EXPERTISE. A SOPHISTICATED EVTOL ECOSYSTEM THAT ALLOWS US TO FOCUS ON HIGHEST VALUE ADD VERTICAL IN HOUSE SPECIALIST PARTNERS INVESTOR DECK 2021 AIRCRAFT Design Honeywell FLIGHT CONTROLS 4 BATTERY System Design R Rolls-Royce POWERTRAIN * ROTOR Design Microsoft DIGITAL SYSTEMS Integration & Simulation S SOLVAY COMPOSITES PRIVATE & CONFIDENTIAL CERTIFICATION Global Aviation AN HARNESS AVOLON LEASING 14#152026 AIRCRAFT ESTIMATED MANUFACTURING COST BREAKDOWN STRUCTURES COMMERCIAL MODEL SYSTEMS BOTTOM-UP, RIGOROUS APPROACH TO COMMERCIAL MODEL INVESTOR DECK 2021 AVIONICS 1.. For an illustrative 25 mile journey. Operational cost per mile excludes any margin on aircraft services. ASSEMBLY & DELIVERY - - - $1.64M ESTIMATED OPERATING COST PER MILE BREAKDOWN' TOTAL COST 1.". $1.19 $3.06 FIXED COST VARIABLE COST Prepared with key partners Costings assessed on a bottom-up basis Anticipate rapid scaling post certification as a result of partner scale and ecosystem Partner ecosystem and OEM model drive low capital investment/asset intensity Break-even profitability and cash flow achieved on sale of c.61 and c.86 aircraft respectively¹ Medium term opportunity from growing and recurring service revenues $4.25 PRIVATE & CONFIDENTIAL TOTAL COST $1.06 COST PER SEAT 15#16Credible and attractive alternative, with improved journey times at competitive per PAX prices 25 MILE JOURNEY J eVTOL Taxi/Uber Light & Medium Helicopters JOURNEY TIME 16 mins 83 mins INVESTOR DECK 2021 15 mins TICKET PRICE PER PAX c.$65² $45 $325 Extensive existing infrastructure including over 5,000 public use airports provides a ready-made network of landing sites for regional and last-leg trips Los Angeles COMPELLING PROPOSITION ● Phoenix Public use airports and 100 mile radius American Airlines major hub airports3 Chicago Washington • Dallas/Fort Worth Miami Sources: Bureau of Transportation Statistics, 2020. 1. Anticipated pricing / travel time. 2. Assumed load factor of 68% and gross margin of 40%. 3. American Airlines US hub and feeder network. New York Philadelphia • Charlotte European population density and transit activity represent a significant number of inter and intra-city land and air journeys that Vertical is well-positioned to service Cities over 100,000 population and 100 mile radius Capital cities and 500 mile radius PRIVATE & CONFIDENTIAL 16#17American Airlines US LAUNCH PARTNER IN NORTH AMERICAN WITH CONDITIONAL PRE-ORDER FOR UP TO 350 AIRCRAFT POTENTIAL ORDER VALUE OF $4BN 1. Conditional pre-orders from Avolon and American Airlines with pre-order option from Virgin Atlantic 000000 MULTIPLE ROUTES TO MARKET WITH UP TO 1,000 AIRCRAFT ON PRE-ORDER¹ INVESTOR DECK 2021 Virgin virgin atlantic UK LAUNCH PARTNER IN HOME UK MARKET WITH PRE-ORDER OPTION OF UP TO 150 AIRCRAFT AVOLON GLOBAL GLOBAL ASSET FINANCE PARTNER WITH CONDITIONAL PRE-ORDER FOR UP TO 500 AIRCRAFT PRIVATE & CONFIDENTIAL 000 17 0.#18COMMERCIAL PARTNERSHIP WITH AMERICAN AIRLINES AMERICAN IS THE WORLD'S LARGEST AIRLINE AND CARRIES OVER 200M PEOPLE A YEAR 1. 2019 numbers INVESTOR DECK 2021 - - Key equity holder Conditional pre-orders of 250 aircraft plus option for additional 100 Targeted delivery of aircraft starting in 2024 Strategic cooperation around operations, customer experience, route planning, staffing and infrastructure PRIVATE & CONFIDENTIAL American Airlines 18#19COMMERCIAL PARTNERSHIP WITH VIRGIN ATLANTIC VIRGIN ATLANTIC, THE MOST LOVED TRAVEL COMPANY AND ONE OF THE WORLD'S MOST INNOVATIVE AIRLINES INVESTOR DECK 2021 - - virgin atlantic Pre-order option of 50 aircraft plus option for additional 100 Targeted delivery of aircraft starting in 2024 Strategic cooperation around operations, customer experience, route planning, staffing and infrastructure PRIVATE & CONFIDENTIAL Virgin Virgin virgin atlantic 19#20842 Owned, managed and committed aircraft ¹ $31bn Total Assets¹ 146 Airline customers globally¹ WITH AVOLON Alaska UNITED INVESTOR DECK 2021 FLORIDA WESTJET American Airlines * AIR CANADA ADELTA Southweste volaris + 1. Avolon 2020 Year-End, 2. Order will be executed through Avolon e, an affiliate of Avolon AEROMEXICO. Copa Airlines Avianca AVOLON IS THE WORLDS SECOND LARGEST LESSOR AND HAS A GLOBAL NETWORK OF AIRLINE AND OEM RELATIONSHIPS NEW YORK Azul GOL Lessing COMMERCIAL PARTNERSHIP LATAM Aerolíneas Argentinas SÃO PAULO RYANAIR easyJet BRITISH AIRWAYS IBERIA DUBLIN GLOBAL HQ Air Côte d'Ivoire FINNAIR SAS Lufthansa AIRFRANCE Wydz Alitalia TURKISH AIRLINES Comair Limited PEGASUS Emirates DUBAI الإتحاد ETIHAD ETHIOPIAN AIRLINES Illustrative relationships in key markets AEROFLOT BA 中国東方航空 CHINA EASTERN IndiGo AIR INDIA HONG KONG Vistara SINGAPORE AIRLINES AIR CHINA CHINA AIRLINES Air Asia Key equity holder Conditional pre-orders of 310 aircraft plus option for additional 190² 中国南方航空 CHINA SOUTHERN vietJet Alr SHANGHAI ASIANA AIRLINES Targeted delivery of aircraft starting in 2024 Strategic cooperation to combine aircraft plus financing plus services to enable eVTOL business model to be rolled out to global ecosystem of partners KOREAN AIR Vietnam Airlines PRIVATE & CONFIDENTIAL ANA EVA AIR malaysia arines Philippine Airlines: SINGAPORE Lionair QANTAS AVOLON 20#21RAPID SCALING OF VA-X4 ASSET- LIGHT BUSINESS MODEL AND A FAST AND CLEAR PATH TO PROFITABILITY, DELIVERING A TARGET $1.4BN EBITDA IN 2026 NUMBER OF AIRCRAFT $MM 50 2024E 192 GLOBAL VA-X4 PRODUCTION VOLUME TARGET 2024E 250 2025E 931 2025E 1,000 2026E VERTICAL AEROSPACE REVENUE - LONG TERM TARGET INVESTOR DECK 2021 3,566 2026E Company information. 1. Calculated as EBITDA less taxes, capex and change in net working capital. 1,500 2027E 5,424 2,000 2027E 2028E 7,270 2028E $MM (53) 2021E $MM (54) VERTICAL AEROSPACE EBITDA - LONG TERM TARGET 2021E (83) 2022E Cash flow break-even: 86 aircraft sales per year Required to recover investment: 302 aircraft total sales (86) (109) 2022E 2023E (191) (9) 2023E 2024E VERTICAL AEROSPACE FCF - LONG TERM TARGET (52) 2024E 270 PRIVATE & CONFIDENTIAL 2025E 127 1,357 2025E 2026E 772 2,072 2026E 2027E 1,263 2027E ,761 2028E 1,698 2028E 21#22KEY CAPITAL USES CAPITAL USES ARE CONSERVATIVE AND HAVE BEEN BUILT IN CONJUNCTION WITH PARTNER ECOSYSTEM Phase I: VA-X4 Design & Certification Program (2021-2024) Develop an aircraft capable of certification and mass production Build-out of world leading electric aerospace engineering team Industrial aerospace partnerships increase capital efficiency, accelerate path to certification and leverage partner investment In-house development of core enabling battery system and rotor technology 1. UK & Asla expandable to 2k and 3k p.a. respectively. INVESTOR DECK 2021 Vertical Aerospace 2021-2024 Anticipated Key Capital Uses ($mm) Phase I: $248mm net funding requirement after accounting for cash on BS and government grants 296 (48) Phase 1 (2021-2024) Phase II: $38mm net funding requirement accounting for ~$100m of OEM gross profit contribution forecast in 2024 69 Phase llb 69 Phase lla (100) Phase II (2023-2024) Phase III (2023-2024) 45 Phase II: State of the Art Assembly Facility (2023-2024) Staged production scaling to align with partner pre-orders Final assembly facilities in the UK and Asia with annual capacity of 1,500 aircraft each Highly automated production processes leveraging latest industry 4.0 technology Phase III: Commercial Platform & Organization (2023-2024) - Phase III: Commercial Platform & Organization (2023-2024) R&D to drive additional model and functionality build-out Expand global sales and service delivery organization Development of cloud services software platform PRIVATE & CONFIDENTIAL 22#23REVOLUTION IS HAPPENING INVESTOR DECK 2021 THE POINT OF INFLECTION IS NOW c.$1 operating cost per seat mile unlocks numerous applications STRATEGY IS DE-RISKED Asset-light business model using certifiable technology delivers break-even with only 86 aircraft sales a year PRIVATE & CONFIDENTIAL OUR TEAM & PARTNERS ARE WORLD-CLASS Confidence in execution from mature tier-1 partner ecosystem and exceptional talent 23#241.0 EXECUTIVE SUMMARY VA-X4 3.0 KEY TECHNOLOGIES & PRODUCTION 4.0 ADDRESSABLE MARKET 5.0 FINANCIAL HIGHLIGHTS 6.0 TRANSACTION HIGHLIGHTS INVESTOR DECK 2021 PRIVATE & CONFIDENTIAL 2.0 24#25DESIGN PHILOSOPHY INVESTOR DECK 2021 YA 261 FOCUS ON WHAT IS CERTIFIABLE NOT JUST WHAT IS POSSIBLE VERTICAL FOCUS ON FLEXIBILITY OF APPLICATION PASSENGER, CARGO, MEDIVAC PRIVATE & CONFIDENTIAL FOCUS ON SCALABILITY OF DESIGN LONGER RANGE, MORE PASSENGERS 25#26VA-X4 INVESTOR DECK 2021 VERTICAL PRIVATE & CONFIDENTIAL 26#27Honeywell VA-X4-4PAX INVESTOR DECK 2021 VER AL PRIVATE & CONFIDENTIAL 27#28VA-X4 - 4PAX INVESTOR DECK 2021 PRIVATE & CONFIDENTIAL 28#291.0 EXECUTIVE SUMMARY 2.0 VA-X4 KEY TECHNOLOGIES & PRODUCTION 4.0 5.0 FINANCIAL HIGHLIGHTS 6.0 TRANSACTION HIGHLIGHTS ADDRESSABLE MARKET INVESTOR DECK 2021 PRIVATE & CONFIDENTIAL 3.0 29#30SUPERIOR TECHNOLOGY Low noise, zero emissions and certified to the same safety standards as commercial airliners ADVANCED ROTORS 4 tilting rotors at the front and 4 stowable rotors at the rear enable high efficiency in all phases of flight and support a vehicle noise signature which is 15dBA lower than a comparable helicopter VERTICAL NX 261 INVESTOR DECK 2021 POWERTRAIN Co-developed with Rolls-Royce to be one of the world's lightest and safest eVTOL electric powertrains to unlock maximum performance for the VA-X4 ROLLS R Rolls-Royce BOYCE VERTICAL PROPRIETARY BATTERY SYSTEM Vertical's proprietary battery system utilizes the latest commercial cells to deliver 220 Wh/Kg and will be certified to have the highest safety standards delivering leading range and vehicle economics VERTICAL NEXT-GENERATION FLIGHT CONTROLS The VA-X4 unique Honeywell systems significantly reduce pilot workload, minimizing pilot training and operating costs Honeywell DIGITAL Leveraging the ongoing digital disruption to enhance collaboration and partner integration reducing the time to market and unlocking operational efficiencies at an aircraft and fleet level Microsoft PRIVATE & CONFIDENTIAL 30#31HIGH PERFORMANCE Efficiency gains give a disproportionate range benefit ADVANCED ROTORS DESIGNED TO MEET THE UNIQUE REQUIREMENTS OF EVTOL INVESTOR DECK 2021 ov LOW NOISE Very low rotor noise is essential to vehicle acceptance eVTOL architectures open up new rotor design options but also introduce tough new requirements and constraints IMPACT TOLERANT Impact tolerant, redundant rotor structure enables commercial aviation safety levels PRIVATE & CONFIDENTIAL 31#32ADVANCED ROTORS KEY ENABLER OF A SAFE, QUIET, EFFICIENT AND ROBUST AIRCRAFT Tilting and stowing combination balances weight against low drag in cruise. Management of unsteady rotor loads is key to a smooth passenger experience Rotor noise is a key product differentiator and the company has invested to build an understanding of eVTOL specific rotor noise The barriers to entry for the design of highly optimized rotors are high and Vertical's investment in this technology provides a substantial competitive advantage. Vertical has developed world class experience in eVTOL rotor design through a program of rig and wind tunnel testing, flight testing and computational optimization. We have tested rotors designed by us and manufactured by external companies on both a sub and full-scale ROTORS INVESTOR DECK 2021 RICHARD ALEXANDER HEAD OF FLIGHT PHYSICS BRITISH AEROSPACE Richard has held key positions on numerous aircraft programs, including the BAE Jetstream and Bombardier CSeries, and most recently on CAE's electric training aircraft project. 32 KOMA ufff P VERTICAL Recruited world-renowned experts, combined with industry-leading simulation and testing#33PROPRIETARY BATTERY SYSTEM BEST IN CLASS BATTERY AND CELL COMPONENTS Internally developed battery system leveraging best in class battery and cell components to limit weight and drive unit economics Testing ongoing since 2019 EASA and CAA witnessed crash and thermal run-away tests (March 2020) Battery fire and containment testing Vibration, cooling and battery cell degradation testing Extensive battery systems engineering activity and design, including fault tree analysis, structural analysis and battery management system development and testing Joint research program into smart charging and advanced diagnostics in collaboration with Warwick Manufacturing Group Attractive agreed long term pricing and secured continuity of cells supply to enable scaling BATTERY LIMHI INVESTOR DECK 2021 Lower weight is critical to enabling greater payload Key driver of cost and performance JAGUAR SOMERVILLE HEAD OF BATTERY Leads eVTOL EuroCAE battery certification panel and sits on EASA eVTOL certification board's battery division. Previously led Jaguar I PACE battery development. Joined May 2019 Built in intelligence allows precise analytics optimization Boosts unit economics over life 33 DE 003333 VERTICAL Partnered for secure supply of high performance battery cells#34POWERTRAIN THE WORLD'S LIGHTEST AND SAFEST Developed with Rolls-Royce to be the world's lightest and safest electric powertrain, exclusive to Vertical to unlock maximum performance for the VA-X4 Rolls-Royce have extensive experience in the development and certification of high criticality aerospace products and an established supply chain that is certified to deliver airworthy components globally and at scale Rolls-Royce has powered 1,500 electric aircraft missions and delivered more than 170,000 kWh of electrical performance POWER INVESTOR DECK 2021 LAWRENCE BLAKELEY HEAD OF POWERTRAIN AIRBUS Previously head of electrical systems at Airbus. Spent over 20 years in systems, design and manufacturing, all within highly regulated industries. Joined November 2017 34 ROLLS R ROYCE INTE Rolls-Royce class-leading powertrain weight, certified to the most stringent EASA safety standards#35NEXT GENERATION FLIGHT CONTROLS DRASTICALLY REDUCE PILOT WORKLOAD A combination of our advanced flight control systems, high levels of automation and state of the art cockpit HMI will significantly reduce pilot workload VA-X4 uses an advanced control system based on the same design philosophy as the F-35. Ease and precision of flying the VA-X4 far exceeds any existing rotorcraft and our Simplified Vehicle Operations road map will facilitate increasing levels of autonomy when regulatory environment allows Triple redundant architecture certified to the same safety standards as commercial airlines SYSTEMS INVESTOR DECK 2021 VIC TERRY HEAD OF DIGITAL SYSTEMS dyson Extensive systems engineering and aerospace safety software expertise. Joined October 2017 35 Benevol Honeywell Honeywell's 100yr history in safety critical flight controls (hardware & software) provides huge risk reduction to certification#36DIGITAL OPENING ADJACENT MARKETS Utilizing the power of big data analytics powered by Microsoft technology such as lo hub enables Vertical to offer valuable data insights for both our customers and our business Combining our data sources of in-service aircraft, company infrastructure and 3rd party systems allows Vertical to provide a wealth of services in these 4 main areas: Vehicle Operations, Fleet Management, Industry 4.0 and Business Intelligence. A key example of this is prolonging the useful life of the battery On top of data insights, Vertical Cloud Services will also provide enhanced functionality to handle the next generation of Vehicle operations like On Demand Ride Sharing DIGITAL INVESTOR DECK 2021 MADHU BHABUTA CIO GCHQ Seasoned CIO across multiple sectors including Aerospace, Defence, Insurance, Telecommunications and Healthcare. Joined December 2019 36 T VEHICLE OPERATIONS Microsoft VERTICAL CLOUD SERVICES FLEET MANAGEMENT INDUSTRY 4.0 Microsoft Microsoft Azure provides class-leading web services designed to scale while maintaining security and reliability BUSINESS INTELLIGENCE#37TODAY 2021 HEAD OF PRODUCTION RECRUITMENT HEAD OF PRODUCTION IN POST VA-X4 BUILD VA-X4 FIRST FLIGHT POA TECHNICAL FAL SITE SELECTION AND PLANNING PERMISSIONS EXPOSITION SUBMITTED Note: Expected timeline based on company estimates. INVESTOR DECK 2021 POA EVIDENCE COLLECTION, PROCESS REFINEMENT & AUDITS FINAL ASSEMBLY LINE TIMELINE 2022 FAST, LOW COST PRODUCTION RAMP UP FAL CONFIGURATION / BUILD POA GRANTED 2023 INITIAL PRODUCTION OF PRODUCTION STANDARD TEST AIRCRAFT VALIDATION OF PRODUCTION METHODS AND SUPPLY CHAIN Note: 2024 FAL READY FOR INITIAL RATE PRODUCTION INITIAL LOW RATE PRODUCTION OF IST DELIVERY AIRCRAFT 2025 VA-X4 is the demonstrator aircraft in build as of Q1 2021 COPY & PASTE VALIDATED PRODUCTION METHOD ACROSS MULTIPLE GLOBAL FALS PRODUCTION RAMP UP PRIVATE & CONFIDENTIAL 2026 RATE 1000 PRODUCTION ACHIEVED 37#381.0 EXECUTIVE SUMMARY 2.0 VA-X4 3.0 KEY TECHNOLOGIES & PRODUCTION ADDRESSABLE MARKET 5.0 FINANCIAL HIGHLIGHTS 6.0 TRANSACTION HIGHLIGHTS INVESTOR DECK 2021 PRIVATE & CONFIDENTIAL 4.0 38#39Huge Urban Air Mobility Market ¹ EASA Civil Aviation Authority 2021 MAY STEDE FEDERAL AVIATION TOMINETRATION CAA/EASA Certification unlocks global reach 2025 TARGET MARKETS INVESTOR DECK 2021 SUBSTANTIAL TANGIBLE OPPORTUNITY TODAY WITH HIGH GROWTH FORECAST 2030 2035 $302bn Current TAM of Ride Hailing & Taxi¹ $538bn Current TAM of Commercial Airlines ¹ 1. Statista Mobility Market Outlook, 2019 TAM. 2. Statista Global Helicopter Market Outlook, 2020 TAM. 3. Magna Business Jet Market Databank, 2020 TAM. 4. Morgan Stanley Research, eVTOL/Urban Air Mobility TAM Update, May 2021 Upside TAM of $4.4tn by 20404 Annual TAM of $1tn by 20404 MULTIPLE MARKETS TODAY VERTICAL'S VA-X4 WILL BE IMMEDIATELY COMPETITIVE IN PRIVATE & CONFIDENTIAL 2040 $53bn Current TAM of Helicopters ² ROW US $23bn Current TAM of Private Jets 3 39#40CITY CENTRE CBD SHUTTLE Rather than battle downtown traffic, check in at your nearest CBD vertiport and take the short hop to the airport, landing terminal side and ready to board your flight INVESTOR DECK 2021 PRIVATE & CONFIDENTIAL www wwww ann 40#41INVESTOR DECK 2021 REGIONAL RURAL TERMINAL EXTENSIONS Drive to your nearest regional terminal conveniently located off the major freeways next to existing services. Park your car, check in and pass security at the vertiport before being whisked silently and quickly in an eVTOL aircraft to the airport where you land terminal side ready to board your flight PRIVATE & CONFIDENTIAL 41#42ILLUSTRATIVE USE CASES JFK - MANHATTAN VERTICAL CAR/TAXI TRAIN VERTICAL JFK - GREENWICH, CT CAR/TAXI TRAIN JFK - SCARSDALE VERTICAL CAR/TAXI TRAIN VERTICAL 5 MINS 13 MILES CAR/TAXI TRAIN 1HR 10MINS 1HR 15MINS JFK - THE HAMPTONS NEW YORK CITY 11 MINS 27 MILES 55 MINS 2HRS 05MINS 10 MINS 25 MILES 1HR 2HRS 30 MINS 74 MILES EXAMPLE MARKETS 2HRS 10MINS 3HRS 05MINS Note: Journey time will vary on time of day. Based on Vertical estimates. INVESTOR DECK 2021 SCARSDALE O MANHATTAN 9 JFK NEW HAVEN As well as high frequency JFK-Manhattan shuttle services, there are a number of high GDP per capita target markets for fast, zero emission air-taxi services to and from JFK representing an attractive market for first and business propositions THE HAMPTONS PRIVATE & CONFIDENTIAL 100 mile Range 42#43ILLUSTRATIVE USE CASES BRIGHTON - LHR VERTICAL CAR/TAXI TRAIN LONDON GATWICK - LHR VERTICAL CAR/TAXI TRAIN BRISTOL - LHR VERTICAL CAR/TAXI TRAIN VERTICAL 20 MINS 47 MILES 1HR 30MINS 1HR 40MINS CAR/TAXI TRAIN 10 MINS 24 MILES HEATHROW HUB 45 MINS 1HR 10MINS CAMBRIDGE TO LHR 37 MINS 93 MILES 2HRS 2HRS 09MINS 22 MINS 56 MILES 1HR 30MINS 2HRS 10MINS TARGET MARKETS Note: Journey time will vary on time of day. Based on Vertical estimates. INVESTOR DECK 2021 BRISTOL V 9 LONDON HEATHROW CAMBRIDGE LONDON GATWICK ● BRIGHTON There are 37 towns and cities with populations over 100,000 within 100 miles of Heathrow Airport These towns and cities represent a target population of 7.7m (excluding London) that Vertical can connect into the Heathrow hub. Manchester airport will follow PRIVATE & CONFIDENTIAL 100 mile Range Virgin virgin atlantic 43#441.0 EXECUTIVE SUMMARY 2.0 VA-X4 3.0 KEY TECHNOLOGIES & PRODUCTION 4.0 ADDRESSABLE MARKET FINANCIAL HIGHLIGHTS 6.0 TRANSACTION HIGHLIGHTS INVESTOR DECK 2021 PRIVATE & CONFIDENTIAL 5.0 44#45$mm Annual Aircraft Production (# Aircraft) Aircraft Sales Aircraft Services Total Revenue YOY Growth % Aircraft Sales Aircraft Services Gross Profit Gross Margin % Operating Expenses EBITDA EBITDA Margin % Less: Taxes Less: Change in NWC Less: Capex Free Cash Flow¹ LONG TERM BUSINESS PLAN Source: Company estimates. 1. Calculated as EBITDA less taxes, capex and change in net working capital. INVESTOR DECK 2021 2024E 50 180 12 192 98 2 100 52% (109) (9) (5%) 1 (5) (40) (52) 2025E 250 846 85 931 384% 436 17 453 49% (183) 270 29% (63) (18) (63) 127 2026E 1,000 3,181 385 3,566 283% 1,543 77 1,620 45% (264) 1,357 38% (329) (57) (198) 772 2027E 1,500 4,485 939 5,424 52% 2,230 PRIVATE & CONFIDENTIAL 188 2,418 45% (346) 2,072 38% (503) (94) (212) 1,263 2028E EBITDA margin expected to be maintained through economies of scale and advanced production technology, resulting in significantly decreased manufacturing costs per unit. Initial capex spend expected to be driven by outlay to build UK and Asia production facilities, and throughout the period the total capex spend increasingly reflects pilot training costs. 2,000 5,621 1,649 7,270 34% 2,885 330 3,214 44% (453) 2,761 38% Aircraft Services aims to contribute 18% of total revenue over the period 2024-28, operating on 20% gross margin. Revenue growth expected to be driven initially by increasing OEM unit sales, and resulting in recurring Aircraft Services revenue providing sustained growth throughout period. Gross margin decreases due to decreasing unit sale price in OEM business before normalizing at 44% in 2028. (668) (115) (281) 1,698 45#461.0 EXECUTIVE SUMMARY 2.0 VA-X4 3.0 KEY TECHNOLOGIES & PRODUCTION 4.0 ADDRESSABLE MARKET 5.0 FINANCIAL HIGHLIGHTS TRANSACTION HIGHLIGHTS INVESTOR DECK 2021 PRIVATE & CONFIDENTIAL 6.0 46#47OVERVIEW OF TRANSACTION TRANSACTION SUMMARY - Pre-money equity value of $1.75bn Implied pro-forma enterprise value of $1.84bn Broadstone Acquisition Corp. and Vertical Aerospace to enter into a business combination Broadstone to receive 7.6m founder shares upon close Vertical Aerospace to receive additional 35m shares, released in equal parts upon share price reaching $15 and $20 post-close¹ American Airlines receive 8.75m initial shares and invests $25m in the PIPE receiving a further 2.5m shares Avolon receive 6.38m initial shares and invests $15m in the PIPE receiving a further 1.5m shares Virgin Atlantic receive 2.265m warrant shares with a $10.00 strike price Stephen Fitzpatrick and Broadstone to invest $5m each in the PIPE receiving a further 0.5m shares each - SOURCES Broadstone Cash Held in Trust4 PIPE Broadstone Equity Existing Shareholder Equity Total Sources $m INVESTOR DECK 2021 $305 $89 $76 $1,750 USES $2,221 Net Cash Proceeds to Vertical Broadstone Equity Existing Shareholder Equity Estimated Transaction Expenses $m Total Uses $344 O 04/06/2021: 1. Additional Vertical earn-out shares are issued but subject to restrictions prohibiting transfers and all dividend and voting rights. These restrictions are lifted upon reaching the respective share price targets. 2. Pro-forma shares outstanding based on $10 per share. Represents 159.9m shares owned by existing Vertical Aerospace shareholders, 30.5m shares owned by SPAC public shareholders, 9.0m shares held by PIPE investors and 7.6m shares held by Broadstone, 8.8m shares held by American Airlines (ex. PIPE investment) and 6.4m shares held by Avalon (ex. PIPE Investment). Excludes Vertical earn-out shares, and any dilutive effect from exercise of warrants. 3. Converted from GBP to USD at 1.41. 4. Assumes no redemptions by public SPAC holders. 5. Existing holders includes Vertical Aerospace management, M12 and Rocket Internet. 6. Avolon and American Airlines stakes include PIPE investment. PIPE Holders stake excludes Avolon and American Airlines PIPE investments. $76 $1,750 $50 PRO-FORMA VALUATION $2,222 Share Price Pro-Forma Shares Outstanding² Equity Value Debt Existing Cash on Balance Sheet³ Net Cash Proceeds Enterprise Value Broadstone Equity 3% PIPE Holders 2% SPAC Public Holders 14% ILLUSTRATIVE PRO-FORMA OWNERSHIP AT CLOSE Avolon 4% $m American Airlines 5% $10 222.1 $2,221 PRIVATE & CONFIDENTIAL $0 ($32) ($344) $1,845 Existing Holders5 72% 47#48VALUATION MULTIPLES IN PERSPECTIVE EV / 2025E REVENUE EV / 2025E EBITDA 2.0X INVESTOR DECK 2021 VERTICAL 6.9X VERTICAL 6.4X JOBY AVIATION 25.0X JOBY Source: Company filings, Factset as of 23/04/2021. 1. Based on 2027 estimates. 2. Based on 2024 estimates. EVTOL 2.6X ARCHER 10.5X ARCHER 1.8X LILIUM 33.4X LILIUM DISRUPTIVE MOBILITY 7.8 X T TANLA 40.3X T THALA 4.6X QuantumScape 18.4X QuantumScape 1.5X ASTRA 3.2X ASTRA 0.7X * ArrivAL 2.9X * AFFIVAL PRIVATE & CONFIDENTIAL 3.1X Uber 16.8X SHARED ECONOMY 2.7X lyf 14.1X Uber lyn 1.0X WHEELS UP 10.4X WHEELS UP 0.8X BLADE 2.5X BLADE 48#49VALUATION MULTIPLES IN PERSPECTIVE EV / 2026E REVENUE EV / 2026E EBITDA 0.5X INVESTOR DECK 2021 VERTICAL 1.4X VERTICAL 2.3X JOBY AVIATION 5.6X JOBY AVIATION Source: Company filings, Factset as of 23/04/2021. 1. Based on 2027 estimates. 2. Based on 2024 estimates. EVTOL 1.2X ARCHER 4.1X ARCHER 0.7X LILIUM 3.3X LILIUM DISRUPTIVE MOBILITY 5.3X T TENLA N.A. T TENLA 4.6X QuantumScape 18.4X QuantumScape N.A. ASTRA N.A. ASTRA 0.7X * ArrivAL 2.9X * ArrivAL PRIVATE & CONFIDENTIAL 2.7X 13.2X SHARED ECONOMY Uber lyf Uber 2.6X 16.0X lyf N.A. WHEELS UP N.A. WHEELS UP 0.5X BLADE 1.4X BLADE 49#50URBAN AIR MOBILITY - FINANCIAL BENCHMARKING VERTICAL BUSINESS PLAN HAS THE POTENTIAL TO DELIVER FAR HIGHER RETURNS ON CAPITAL EMPLOYED RELATIVE TO OTHER EVTOL PLAYERS 50 (53) 10 2024E (151) 115 2021E 90 (83) (190) 2022E AIRCRAFT PRODUCTION ¹ 250 250 272 2025E (109) (165) 2023E INVESTOR DECK 2021 325 1,000 EBITDA ($M) (9) (69) (147) (180) 2024E 500 550 2026E 270 255 185 70 2025E 600 VERTICAL 1,357 1,500 824 708 647 2026E 650 2027E 2,072 1,092 950 1,440 2027E ARCHER 0.2 0.0 (54) 2024E (209) 2021E 0.1 JOBY 0.2 (86) (258) 2022E 0.9 1.0 (191) 0.7 REVENUE ($BN) 2025E (331) 2023E 1.3 FREE CASH FLOW2 ($M) (52) (205) LILIUM Source: Archer, Joby, Lilium investor presentations. Notes: 1. Joby production calculated based on average number of revenue generating aircraft per year. 2. Joby FCF approximated using EBITDA less capex. Lillum FCF approximated using operating cash flow less capex. (621) 2024E PRIVATE & CONFIDENTIAL 3.6 (258) 2.2 2.1 2026E 127 (10) 3.3 (69) (718) 2025E 772 157 5.4 476 (629) 2026E 3.4 2027E 1,263 500 5.9 946 2027E 50#51VERTICAL INVESTOR DECK 2021 PRIVATE & CONFIDENTIAL VERTICAL