Lilium Investor Presentation 2021

Lilium 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

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