Collaboration agreement between Leonardo and Vertical Aerospace for the development of the fuselage of the VX4 electric aircraft

(To Leonardo)

Leonardo and Vertical Aerospace ("Vertical") (NYSE: EVTL), an important company in the aerospace and high-tech sector, pioneer of zero-emission aviation, announced today that they have reached an agreement for a joint development program relating to to the design, production, testing and supply of the composite fuselages of Vertical's VX4 electric aircraft.

Vertical and Leonardo will work together on the optimization of lightweight composite structures, modular design, system installation and structural tests aimed at developing the aircraft fuselage. The two companies are already collaborating on the construction of at least six specimens to be used in the activities that will lead to the certification of the VX4. The agreement also provides for a potential increase in fuselage production up to 2.000 units per year, to meet the demand that already today can count on a market-leading order book. In terms of value, Vertical today has what is considered the largest pre-order portfolio in the eVTOL industry, amounting to approximately 1.350 aircraft worth $ 5,4 billion from customers such as American Airlines, Avolon, Bristow and Iberojet, and which includes pre-order options from Virgin Atlantic and Marubeni, and - through Avolon - also JAL and Gol airlines.

Leonardo has a consolidated experience in the development and production of aerostructures in composite materials for civil and defense programs. Furthermore, Leonardo already has a close collaboration relationship with Solvay, a supplier of composite materials for Vertical. Vertical and Solvay, in fact, are jointly developing advanced materials and production technologies that will make it possible to support high production volumes for the VX4 aircraft.

Vertical's collaboration with Leonardo will be able to count on an ecosystem of top-level partners that includes Rolls Royce, Honeywell, Solvay, GKN and Microsoft. Vertical continues to grow its team of aviation engineers and managers and plans to begin the VX4 flight test program later this year.

The Vertical VX4 is paving the way for advanced air mobility and will revolutionize the way we travel. Quiet, fully electric, the aircraft will have a range of more than 100 miles and reach speeds of 200 miles per hour. With a capacity of four passengers and zero emissions, the VX4 will also have a very low cost per mile per passenger, similar to that of a taxi.