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Dear Friends of XTI Aircraft Company,

Season’s Greetings!  What an exciting and productive year it has been! Thank you for your ongoing support.

Despite the continuing challenges of the pandemic, 2021 proved to be a year of strong development for XTI Aircraft. In the first half of the year, we completed a successful fund raising effort on the StartEngine platform, providing a rare opportunity for investors around the world to own a piece of the future of flight. We also broadened our European international partnerships by signing a Memorandum Of Understanding with Enterprise Estonia, Estonian Aviation Cluster, and the Estonian Aviation Academy to establish a corporate presence in Tallinn, one of Europe’s leading aviation hubs. Best of all, we closed a firm purchase order for forty aircraft from a large U.S. private jet operator.

Early in the second half of the year we entered into an important joint venture with Xeriant Aerospace to further finance the TriFan 600 program.  This has allowed us to substantially build out the team. As a result, I am very pleased to have brought on board a highly experienced aviation professional, Michael Hinderberger, as Senior Vice President of Engineering & Technology, as well as 21 new hires, increasing the overall XTI team to 39 people.  We are now on a solid path towards Critical Design Review (CDR) and we are accelerating our discussions with the FAA. We also began to explore partnership opportunities related to sustainable travel, which, as you know, is a key feature of the TriFan 600. We are pleased to be involved with leading plant-based lifestyle brand, Matthew Kenney Cuisine and have also connected with other premium design businesses to further this aim - more to come soon.

We end the year in an exceptionally strong position with a pipeline of over 200 aircraft reservations worth $1.3 billion. 2022 promises to be the year in which the final design of our aircraft is revealed, and we take all the steps needed to build our first full-scale flying prototype. We also expect to expand the number of aircraft sale reservations by at least another 100.

Finally I would like to personally thank all of you - our investors, colleagues, and partners - for joining our aviation revolution. XTI would not be the world’s leading VTOL pioneer without you.

I wish you and your family a happy holiday season,

Robert LaBelle
CEO
XTI Aircraft