Lilium Investor Presentation 2021

Transaction 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

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