Pulmonx Investor Presentation – November 2021

NASDAQ: LUNG

November 2021

© 2021 Pulmonx Corporation

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Forward Looking Statement

This presentation and certain statements made during this presentation contain forward-looking statements that involve risks and uncertainties. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. All statements other than statements of historical facts contained in this presentation, including any statements regarding our ability to design, develop, manufacture and market innovative products to treat patients with challenging medical conditions, particularly those with chronic obstructive pulmonary disease (COPD) and emphysema; our expectations regarding the impact of the COVID-19 pandemic on our business; our expected future growth; our expected future growth of our company; the size and growth potential of the markets for our products, and our ability to serve those markets; any projections of financial information, market opportunities, profitability, or financial position; the rate and degree of market acceptance of our products; coverage and reimbursement for procedures performed using our products; our ability to obtain and maintain regulatory approval or clearance of our products on expected timelines; our plans to research, develop and commercialize our products and any other approved or cleared product; our ability to retain and hire our senior management and other highly qualified personnel; the development, regulatory approval, efficacy and commercialization of competing products; our future financial performance and capital requirements; information including the anticipated efficiencies and strategic and financial benefits related to Chartis; and our expectations regarding our ability to obtain and maintain intellectual property protection for our products are forward-looking statements. The words "may," "will," "should," "expect," "plan," "anticipate," "could," "would," "intend," "target," "project," "estimate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated in this presentation can be found in the Risk Factors section of Pulmonx's public filings with the Securities and Exchange Commission ("SEC"), including the Quarterly Report on Form 10-Q filed with the SEC on August 10, 2021, available at www.sec.gov. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical fact are forward-looking statements. Except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this presentation due to the risks and uncertainties inherent in the Company's business.

© 2021 Pulmonx Corporation

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Investment Highlights

Large Market

$12B opportunity for severe

emphysema

Precision Treatment

Proprietary patient selection

technology & minimally invasive

treatment

Consistent Clinical Results

Clinical benefits demonstrated

across 4 RCTs

100+ scientific publications

Broadly Reimbursed

In global guidelines & reimbursed

in US, Europe and Australia

Global Footprint

>25,000 patients treated

in >25 countries1

Strong Pipeline & Team

Additional technology to expand

market, experience to deliver

© 2021 Pulmonx Corporation

1 As of 6/30/20.

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COPD and Emphysema:

A Prevalent Disease with High Unmet Medical Needs

• Emphysema is a form of Chronic Obstructive Pulmonary Disease (COPD) resulting in the progressive destruction of lung tissue
• Accounts for ~25% of all COPD patients1
• Air-trappingcauses increasing lung volume and persistent breathlessness
• COPD is among the leading causes of death worldwide
• ~$49B in expected direct U.S. medical costs attributable to COPD in 20202

Healthy Lung

Lung with Emphysema

© 2021 Pulmonx Corporation

1 Approximately 16M COPD patients in the U.S. as of 2013; approximately 3.8M emphysema patients and 1.5M severe emphysema patients in the U.S. as of 2018.

2 CDC https://www.cdc.gov/copd/infographics/copd-costs.html.

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Emphysema Disease Progression

• Hyperinflation

Short of
Breath	•	Significant breathlessness
 Activity		drives downward spiral1
Deconditioning &	• Quality of life generally worse
	than for patients with lung
 Breathlessness
	cancer2
 Activity	•	High mortality risk3

Deconditioning &  Breathlessness

High Risk of Mortality

© 2021 Pulmonx Corporation

1 Adapted from Global initiative for Chronic Obstructive Pulmonary Disease (GOLD) Global Strategy for the Diagnosis, Management and Prevention of COPD, 2020.

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1. Gore et. al Thorax 2000; 55 1000-1006.
2. Casanova et al (2005): Inspiratory-to-Total Lung Capacity Ratio Predicts Mortality in Patients with Chronic Obstructive Pulmonary Disease. Am J Respir Crit Care Med Vol 171. pp 591 - 597.