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Aeroflot-UBM consortium to withdraw from Alitalia Privatisation

Following Consob request according to art 114, paragraph 5, of Legislative Decree n 58/1998, in order to integrate the communication released by UniCredit Group on June 27 to announce that the consortium composed by OJSC Aeroflot Russian Airlines ("Aeroflot") and UniCredit Banca Mobiliare S.p.A. has decided to withdraw from the procedure to privatize the Alitalia stake held by the Ministry of Economy and Finance, it is herewith reported the communication Aeroflot autonomously released and published on its website on June 27, regarding the same decision:

"After a thorough review of all the elements of the privatization process for Alitalia, Aeroflot has decided with regret to withdraw and is not in the position to present a binding offer under the set terms and conditions.

Aeroflot believes that acquiring Alitalia under the current conditions would not be the right decision for it to take.

The following elements have supported Aeroflot's decision to withdraw:

- Aeroflot and its advisors have not had access to critical information with respect to the commercial and operational aspects on Alitalia's business to confidently formulate a well supported business proposal to successfully restructure Alitalia.

- The conditions and requirements outlined for the privatization process would significantly limit the ability of Aeroflot to implement what Aeroflot believes to be the necessary measures to re-launch Alitalia.

Aeroflot express thanks to its partner UniCredit bank for joint efforts in preparation of the bid proposals as well as consultants and banks that helped to prepare its initial business plan for Alitalia.
Aeroflot is committed to expand its operations in Europe by increasing its operational activities as well as acquiring strategic assets."

Milan, June 28, 2007


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