Indian State Of Maharashtra announces their intent to build first Hyperloop route in India

MUMBAI, INDIA - Virgin Hyperloop One announced the Indian State of Maharashtra's intent to build a hyperloop between
Pune and Mumbai beginning with an operational demonstration track.

Virgin Group Founder and Virgin Hyperloop One Chairman Sir Richard Branson announced the Framework Agreement in the
presence of the Hon'ble Prime Minister Narendra Modi and the Hon'ble Chief Minister of Maharashtra Devendra Fadnavis to
begin the development of the route. This historic signing at the Magnetic Maharashtra event was also attended by Virgin
Hyperloop One board members and key investors Sultan Ahmed bin Sulayem, CEO and Group Chairman of DP World, and
Ziyavudin Magomedov, Chairman of Summa Group.

Recognizing the Maharashtra government's contribution to the country's economy, Indian Prime Minister Narendra Modi
said, "51 per cent of total investments in India have come to Maharashtra, and the state is attracting global investors.
The state's overall development in the past few years is a shining example of change thinking and improving conditions
in the country. Maharashtra government was ahead of all other Indian states in terms of infrastructure spend and the
state is on its way to achieving its bold vision of a trillion-dollar economy."

"I believe Virgin Hyperloop One could have the same impact upon India in the 21st century as trains did in the 20th
century. The Pune-Mumbai route is an ideal first corridor as part of a national hyperloop network that could
dramatically reduce travel times between India's major cities to as little as two hours," said Sir Richard Branson.
"Virgin Hyperloop One can help India become a global transportation pioneer and forge a new world-changing industry."

The hyperloop route will link central Pune, Navi Mumbai International Airport, and Mumbai in 25-minutes, connecting 26
million people and creating a thriving, competitive megaregion. The high-capacity passenger and cargo hyperloop route
eventually will support 150 million passenger trips annually, saving more than 90 million hours of travel time, and
providing citizens with greater opportunities and social and economic mobility. The hyperloop system will also have the
potential for the rapid movement of palletized freight and light cargo between the Port of Mumbai and Pune, creating a
robust backbone for on-demand deliveries, supply chains, and next-generation logistics.

The Pune-Mumbai route could result in USD $55 billion (INR 350,000 crores) in socio-economic benefits (time savings,
emissions and accident reduction, operational cost savings, etc.) over 30 years of operation, according to an initial
pre-feasibility study completed by Virgin Hyperloop One. The 100% electric, efficient hyperloop system will ease severe
expressway congestion and could reduce greenhouse gas emissions by up to 150,000 tons annually.

"With Virgin Hyperloop One, we can create a sustainable infrastructure that will enhance the State of Maharashtra's
competitiveness and attract new investment and businesses," said the Chief Minister of Maharashtra Devendra Fadnavis.

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