ITALY NEWS

News 12/2001 (Thank's to MARCO FINELLI)

AIR EUROPE ITALY has re registered the 767's fleet as follows:

I-VEIY (ex I-PEIY)
I-VIMQ (ex I-PIMQ)
I-VLEB (ex EI-CNS)

AIR ONE with effect December 2001 has added a new weekly regular charter
flight on the route Rome FCO-Bologna-Pristina operated every saturdays with
B737/300 or /400 on behalf for Viktoria Tourist tour operator.

EUROPEAN EXECUTIVE EXPRESS is mostly satified about the load factor on the
operations from Cuneo to Rome FCO operated with a BAE Jetstream 31 regs.
SE-LGC, for this reason with effect February has the intention to add a
seconda daily flight only on Mo and Fr.

FREE AIRWAYS the couples of MD83 reporta a white fuselage plus the billboard
title on the furselage plus the logo on the red tail base.

MERIDIANA extend the allowance of the ethnical fare structure usually
applied on the routes between Sardinia to Milan/Rome also to the routes
Cagliari-Bologna and Olbia-Bologna.

PANAIR - COMPAGNIA AEREA MEDITERRANEA has opened its web site at the URL
address
http://www.panair.it


AIR ITALY has temporary suspended the routes Genoa-Palermo/Catania.

AIR ONE has received three B737/400 with regs EI-CWE/W/X. These aircraft now
are in service in the italian network.

MERIDIANA continue with effect January to cut further routes due to the
financial crisis of the sector.
The routes are:

Cagliari-Naples from a twice daily with ATR42 to a thrice weekly (Fr-Sa-Su)
with MD82.
Florence-Palermo from a twice daily operated with ATR42 to a daily with BAE146;
Florence-London LGW from three daily flights to two daily rotations.
Florence-Paris will be dropped with effect Jan. 4th. 2002;
Pisa-Cagliari from daily to thrice weekly (Fr to Su) with effect Jan. 5th. 2002;
Pisa-Catania with effect Jan. 10th. 2002 will be dropped;
Pisa-Palermo with effect Jan. 10th. 2002 will be dropped;
Turin-Cagliari from two to one daily flight;
Verona-Cagliari from daily to thrice weekly with effect January 2002;
Verona-Rome FCO from five daily to four daily.

PANAIR - COMPAGNIA AEREA MEDITERRANEA yesterday (27/12) at 2215LT was landed in
Palermo its second B737, a -400 regs EI-PAM (the other airliner in fleet is
a -300 EI-PAR). This newest airliner delivered is an ex-British Airways regs
G-BNNK and will be introduced in the new route expansion planned by the
carrier on italian domestic routes and in the charter market. Panair -
Compagnia Aerea Mediterranea now grant the route Rome-Palermo with four
daily flights.

VARIG with effect Feb. 28th, 2002 drop all the flights from Brasil to Rome,
at he moment the brazilian flag carrier operate a twice weekly flight Sao
Paolo-Rome FCO, the two weekly rotations will be operated from Mialn Mxp.
Soon is expected also the introduction of the B777 to Milan Mxp.

VOLARE AIRLINES on Jan. 29th. 2002 has planned a press conference to protest
about the decision of a Administrative regional court to assign the route
Milan-Cagliari to another carrier, this route is one wehre the italian
government assign finmancial contributions


AIR DOLOMITI will wet lease a Do328/100 from Cirrus with effect Jan. 7th.
2002 and will be popsitioned on the route Verona-Amsterdam on twice daily
basis and an once daily from Verona to Bruxelles. The crew components are
mexed with Cirrus pilots and Air Dolomiti's cabin.

AIR ONE has wet leased a B737/400 D-AHLU from Blue Panorama for its new
routes scheduled.

AIR VALLEE has placed in its website a pic of the c/s regarding the newest
third aircraft expected soon in delivery with the c/s sponsoring the Casino
de la Vallee.

ALPI EAGLES has added "Casino' di Venezia" sticker on F100 I-ALPL.
Was reported suspended the flights from Brescia Montichiari to Rome
FCO/Catania.


AEROLINEAS ARGENTINAS has resumed with effect Dec. 19th. 2001 a thrice
weekly direct flight from Buenos Aires to Rome FCO with A340.

AIR DOLOMITI has ordered three ATR72-700 with delivery extimated in
September 2002 and in 2003. This order has a value for 51,6 million of US
Dollars and is structured with the delivery of the first ATR72/700 in
September 2002 and a sales & lease back contract for two ATR42/500 still at
the moment is service, these two ATR42/500 will be in fleet until the
delivery of the further two ATR72/700 extimated in 2003, after these
aircrafts (2 ATR42/500) should be returned to ATR Industries.
The agreement also could provide the option for Air Dolomiti to extend
furthermore the redelivery of these aircrafts sine die to the ATR Consortium
in case that the carrier intend to have at disposal further aircraft for its
network expansion.
Alcide Leali, chairman of Air Dolomiti has defined that today is the first
step where the airline has concretized the new strategy of development of
the airline
announced one week ago. We have planned a fleet plan mostly aggressive to
catch the new improved opportunìties that th changed scenery has create a we
are imediatly able to make an agreement with ATR our hystorical supplier.
This operation of improving and renewal of our fleet shall permitt to
developping furthermore the feedering service to Frankfurt and Munich,
offering new links, further frequencies and improved capacity to the Star
Alliiance hubs.
I'm very proud of our airline, that in this delicated moment in air traffic
sector is a valid and important point of referement for our passengers and
also to the our partners, suppliers and airports, that in these years has
again demonstrated esteem and reliance.

AIR ONE has obtained the routes Cagliari-Milan, Alghero-Rome and
Alghero-Milan with government financial support.

ALBANIAN AIRLINES has in service a TU154M LZ-HMW in Balkan old c/s and Hemus
Air titles.

ALITALIA in November has reported a traffic passengers decrease of 31.3%
compared to the same month of the past year, load factor was decreased of 9
points to 56.9%.

BLUE PANORAMA AIRLINES has wetleased two B737/400 to Afriqyiah (regs.
EI-CUA/CUN), two are reported in BPA c/s D-AHLU and EI-CUD. D-AHLO was
returned to lessor.

CARPATAIR has now in service a SF340 HB-AKN.

FREEAIRWAYS has reported stored in Palermo two MD83 EI-CPB/CMM.

MERIDIANA with effect January 1st. 2002 until March 30th. 2002 will drop the
twice daily route Bologna-Cagliari and a daily rotation Bologna-Olbia,
replaced by a daily rotation Bologna-Cagliari-Olbia operated with MD82.
Decrease from 21 to 17 weekly rotation on the route Bologna-Catania.
Decrease from seven to one weekly frequency on the route Turin-London LGW.
Decrease from 7 to 6 weekly on the route Palermo-Turin.
Drop the daily rotation Cagliari-Turin.


AIR DOLOMITI
expect the delivery in 2002 of further two airliners from 20 to
22 airliners in fleet. Before 2004 are expected further 5 new aircrafts. The
previously business plan has forecasted a fleet of 21 aircrafts in 2004.
The new business strategy will be focalized to the increase of the market
presence. The fast expansion of the network wille be with the addition of
new point to point flights to the major european capitols, the increase of
the presence in Munich and the opening of new flights to Frankfurt, and an
again important role in Star Alliance.

AIR VALLEE add the third Do328JET with a special Casino de la Vallee livery.
The new timetable with new flights from Bologna to
Bari/Brindisi/Geneve/Nice/Crotone/Rome FCO, Rome FCO-Crotone/Reggio Calabria
to be postoponed on Jan. 21st. 2002.
Has updated with a new image its web site at:
http://www.airvallee.com

ALBANIAN AIRLINES has leased a Tu154M, today in service on the route
Bologna-Tirama to cover the Christmas period demand between Albania to Italy
(Bologna). The aircraft is in Balkan basic c/s and Hemus Air titles.

ALITALIA has choose Lazard as advisor for the issue of bonds to improve the
stake capital for the new fleet renewal especially for the soon coming
aircraft as B777, the first extimated in delivery in April 2002. Lazard has
winned other interested merchant bankings as Imi, Credit Suisse, Merril
Linch. Lazar has to study the problematics connected to the use of the
financial markets, the possibility extimated before the end of the first
half 2002.
The chairman Mengozzi has studied to issue bonds for 1,2-1,4 billions of
Euro necessary to improve the capital of Alitalia without to have problems
with the Transport european commission.

BLUE PANORAMA AIRLINES is the new lunch start up partner of Afriqiyah
Airways the new Lybian flag carrier. Two B737/400 was wet leased to the new
carrier at the moment for this winter season and the new carrier will fly
from Tripoli to
Benghazi (Libia), Khartoum (Sudan), Niamey (Nigeria), Accra (Ghana), Bamako
(Mali), Ndjamena (Chad), Bangui (Repubblica of Centrafrica), Ouagadougou
(Burkina Faso).
Yesterday the airline has converted its stake capital from ITL to Euro.

DAT with effect April 6th. 2002 increase from three to four daily flights on
the route Florence-Bruxelles.

FREE AIRWAYS a sister company of Air Sicilia has its new web site partially
under construction at
http://www.freeairways.it

GANDALF AIRLINES has informed with a press release that in a meeeting with
various financial analysts at the end of 2004 are forecasted a year
financial invoice of 200 billions of ITL and 700.000 passengers carried. In
2001 the airline plans to report a consolidated year invoice of 100 billions
of ITL and 300.000 passengers carried.

M.E.A. will resume regular flights from Beirut to Milan Mxp with effect
January 2002.

MERIDIANA has planned a meeting of the board of directors on Dec. 19th. 2001.
With effect Jan. 4th. 2002 drop the route Paris CDG-Florence due to the poor
load factor registered on the route recently after the Sept. 11th. event and
the codeshare agreement signed between Air France and Alitalia, on this
route are in service six daily rotations.

PANAIR - COMPAGNIA AEREA MEDITERRANEA has start on Dec 14th. 2001 four daily
rotation on each leg on the route Palermo-Rome FCO with B737/300.
Reservations must to be made at 800188470 in Italy.

VOLARE GROUP has recently renowed its commercial division with the addition
of new managers as:
Lorenzo LORENTI, 54 years, director of VOLARE AIRLINES in Sardinia,
previously ground operations director in Alpi Eagles, director in Sardinia
for Alisarda, regional director for South Italy in Itavia.
Maurizio DEL SANTORO 40 years, is the new marketing manager of the group
with previously manager experiences for 14 years in the same market in
Austrian Airlines and 2 years for Alitalia.
Umberto SOLIMENO, 38 years is the new manager area director in Italy
central-south, previously in KLM for 9 years as representative for South
Italy , Passengers division manager, Central-South Italy area manager.
General manager in Italy for Air Littoral.
Paola DE ANGELIS, 44 years, sales manager for Rome and Lazio, previously in
Italair as commercial division manager, and for various tour operators.


AIR DOLOMITI, today has presented in Milan the new flight Bologna-Bruxelles
operated with effect January 7th. 2002 with Canadair CRJ200. The new leg
will be serviced with 19 weekly flights.
The airline also plans to fly with 27 airliners in 2004, at the moment are 18.
Imediatly will be wetleased a Do328 from Cirrus a german partner of Lufthansa.
At the moment a lot of dossiers are in course of evaluation but each one
will be treated with care to avoid the errors performed in the past by other
carriers.
In 2004 Air Dolomiti plans to produce an year invoice of 250 millions of
Euro and 1,6 millions of passengers carried in a year.
In this press conference Dott. Alcide LEALI has presented the new fidelity
plan tailored exclusively for the business frequent travellers called
Settimocielo Dream.

AZZURRA AIR has painted one of its three Avro RJ85 in full Azzurra Air c/s,
maybe is the coming end of the deal with Alitalia??

BUZZ will suspend the routes London STN-Milan LIN/Helsinki with effect March
31st. 2002.

MERIDIANA will finish the deal with ITALY FISRT with effect January 1st. 2002.
The route Cagliari-Naples will be reduced from twice daily to dauly with
MD82 instead of ATR's.
From Florence all the flights will be operated with BAe146/200.

MINERVA AIRLINES, the municipality of Taranto has declared that at the
moment is only a project the opening of new regular flights from Taranto to
Rome FCO. Recently, tals was in course with Minerva Airlines and Goldwing
Airlines.

PANAIR - COMPAGNIA AEREA MEDITERRANEA has enjoyed the new proposals for the
constitution of a new consortium of local entities as municipalities,
chamber of commerce for the development of the air traffic in East Sicily.
From this consortium will be founded a new proposed airline.

RYANAIR, tomorrow (DEC. 12TH. 2002) at Pescara and Bergamo will be presented
the new flights Hahn-Pescara/Bergamo.

SAS has decided to operate sine die only to Milan Mxp its operations from
CPH and STO, until the results of the investigation will clarifly the
reasons of the accident occured on Oct 8th. 2001 to an MD87 in rotation
during the airborne from Milan Lin to Copenaghen after a collision with a
small biz jet.


AIR BESIT was completely missing from the italian civil scene, because
Aeroservice the holding that control other carriers as Air Columbia, SAN and
SOREM has purchased AirBesit. The two Metroliners, the hangar placed in
Olbia, the employees composed by six aircraft engeneers and some
administrative clerks.
Air Besit has operated since the foundation on the small parcel freight
market for itself or on behalf for various couriers. Some years ago has
started to transport passengers, but the decrease of the contracts in the
freight sector and the low results in the passenger market has consequently
caused the dropping of the flight operations and the successfully sold out
of the airline.

AIR GABON has doubled the flights to Italy with the addition of the newest
second weekly flight from Rome FCO to Libreville, at the moment the flight
operated on tuesdays is operated with B747/200 Combi and on sundays with
B767/200ER.

AIR ITALY has postponed the start of the flights on the route Brescia-Rome
FCO due to the results of the route was judged uninterestings, the actually
air transport situation. The long range operations planned on the charter
market was postoponed due to the general situation that has reduced to the
minimum terms the activities in this market.
Are reported also a discontinuity in the operations on the routes
Genoa-Palermo/Catania, and rumours reports changes in the ownership with the
reduction to the 32% of the shares of the founders investors and the
entrance of Sky Network Technologies and Sicily Airport System (these two
companies are two operative subsidiaries of Air Sicilia).

AIR ONE has started to fly from Milan Lin to Frankfurt on daily basis in
code share with Lufthansa.

AIR PIEMONT is the undefined name of a new carrier founded in Turin,
promoted by the Piedmont regional government and various private investors
guided from Mr. Franco CIMINELLI ( chairman of Air Vallée ). The start up is
planned in spring 2002. Fleet will be composed by three regional jet
aircrafts, size between 30 and 50 seats). Planned destinations will be
Trieste, Naples, Venice, Verona, Reggio Calabria from Turin. International
destinations are Barcelona and Lyon, sharing or alliances should be signed
with other regional airlines.

AZZURRA AIR has decided to reduce a 15% of the employees (70 peoples), due
to the reduction of the charter flight operations and also the reductions
operated by the partner Alitalia in its timetable. New regular charter
flights was added from Pescara to the UK, consistent reduction on the
charter flight operations especially to the Red Sea and Egypt. Are in course
of evaluation the addition of regular flights from North Italy to Sicily.
Has returned to lessor an ARJ70 EI-CUO, dryleased from Air Baltic.

MALAYSIA AIRLINES with effect February 1st. 2002 will drop the route Rome
FCO-Kuala Lampur.

MINERVA AIRLINES in the first nine months has carried 343823 passengers with
69,59% of load factor.

PANAIR - COMPAGNIA AEREA MEDITERRANEA rumours reports that has the intention
to add a B737-400.

SOUTH AFRICAN AIRWAYS is interested to resume regular flights from Italy
wirh a thrice weekly Milan MXP-Johannesburg.


FREEAIRWAYS is the new subsidiary of Air Sicilia, the fleet is composed with
two MD83, one at the moment in Palermo with regs EI-CPB, the second one at
the moment is in Rome Fiumicino outside of the Alitalia hangars.
Full white the fuselage, titles in red, and on the grey engine nacelles was
applied stickers with "http://www.sntweb.it".
SNT is Sky Network Technologies a sister company of Air Sicilia which
provide to manage the reservations by Internet and travel agencies for Air
Sicilia, Air Italy, Ada Air and probably soon for Volare Group.

AIR DOLOMITI has reduced from two to one daily flight with effect Dec. 1st.
2001 on the route Barcelona-Turin.
With effect Dec. 1st. 2001 has also reduced from three to two daily flights
on the route Barcelona-Verona, Paris CDG-Verona.
Has introduced the Canadair CRJ in one of the three daily flights on the
route Frankfurt-Verona.
In December 2001 and January 2002 the flights from Venice to Munich to be
reduced from four to three daily flights.
With effect January 7th. 2002 will be wetleased a Dornier 328 and this prop
will be introduced on the route Verona-Amsterdam on twice daily basis, and
Verona-Bruxelles in one of the three daily flights.
With effect January 7th. 2002 will add the new route Bologna-Bruxelles with
18 weekly flights and operated with Canadair CRJ200LR. The flights are in
sharing with Lufthansa.

AIR LITTORAL has declared the intention to resume the route Milan LIN-Nice
with effect summer timetable 2002. The airline has decided to leave the
Qualiflier frequent flyier group with effect Dec. 31st. 2001. At the moment
talks are in course with Lufthansa and Air France. In Italy with Gandalf and
Alpi Eagles.

AIR ONE, the high government court has decided positive about the recourse
presented after the decision of the italian civil aviation authority to
exclude the airline about the assignment of the routes between Italy and
Sardinia with the aid of government funds. Air One has in the past presented
offers to operate the route Alghero-Milan and Cagliari-Rome FCO/Milan.

ALITALIA with effect January 2002 will replace on the route Bologna-Rome FCO
in one of the five daily flights a MD80 with an A321/100.

ALPI EAGLES with effect Dec. 10th. 2001 will resume the route Venice-Rome
FCO with four daily rotation with F100 CY94. The airplanes was recently
equipped with cockpit security door to avoid intrusion. Connections should
be suitable from Venice to Barcelona/Madrid.

AXON AIRLINES has ceased the flights on the route Milan Lin-Athens with
effect Dec. 3rd. 2001, due to the crisis of the air civil market. The
carrier has also dropped all the routes operated in Europe and in Greece.

GO FLY has the intention in the next short term future to continue the
expansion on the routes operated at the moment. The airline hasn't plans to
expands its network to the central-south Italy.

GOLDWING AIRLINES is interested soon to resume regular flights on Italian
domestic routes, primarly on Taranto-Rome FCO.

MINERVA AIRLINES has declared the intention to add a regular flight from
Taranto to Rome FCO.

RYANAIR has carried 350.000 passenger on the route Genoa-London STN since
the start up of the flights, exactly 30 months ago. To celebrate this event
the airline only for this week has placed in offer 40000 seats at the
extraordinary fare of 19.99 Euro pour leg.

VOLARE AIRLINES, its chairman Mr. Gino ZOCCAI is interested to exercise the
option to purchase the SAir Group stake in the airline at the moment consist
in the 49.8% of the shares.


AIR DOLOMITI with effect Dec. 1st has reduced from three to two daily
flights on the route Bergamo-Munich.

DAT with effect Dec. 2nd. 2001 increase from two to three daily flights on
the routes Bruxelles-Turin/Venice/Hamburg. Will be resumed also the flights
to Bordeaux, Bologna, Bristol, Hannover and Prague. With effect Dec. 16th.
2001 will be resumed with a daily rotation the route Bruxelles-Warsaw.


AIR DOLOMITI will reduce with effect Dec. 1st. 2001 from three to two daily
flights on the route Munich-Ancona.
With effect Dec. 14th. 2001 will be reduced from three to two daily flights
on the route Pisa-Munich.

ALITALIA with effect Dec. 1st. 2001 will reduce from 4 to three daily
flights on the route Ancona-Rome Fco.

AZZURRA AIR now EI-CNK an Avro RJ85 is in full ZS colours

ALPI EAGLES has scored up to 500.000 passengers carried from January 2001, a
registered invoice for 122 billions of ITL. With effect Dec. 3rd. will add
the new route Rome FCO-Catania.

BMI INTERNATIONAL with effect Dec. 1st. 2001 will drop the route Rome
FCO-London LHR.

BRIXIA AIRWAYS has the intention to add regular services on daily basis
with effect January from Trapani to Lampedusa/Pantelleria using an aircraft
with capacity not lowest than 19 seats.

DAT, with effect Dec. 2nd. 2001 will resume the route Bruxelles-Bologna on
daily basis with Avro RJ85, with effect Dec. 16th. 2001 the flights shall be
increased from six weekly to 19 weekly rotations.

FEDERICO II^AIRWAYS, the route dropped are Bari-Venice/Florence/Catania,
Foggia-Milan/Rome FCO.

LUFTHANSA, rumours reports about the addition of a new thrice daily flights
operated with CRJ100 on the route Bologna-Bruxelles with effect Dec. 14th. 2001.
Totally 18 weekly rotation should be operated.

MERIDIANA with effect March 31st. 2001 will start a twice daily Naples-Paris
CDG with MD82.

NATIONAL JET ITALIA, the British Airways franchisee airline has ceased
operations on Nov. 9th. 2001 an until the end of November the 250 employeed
were placed in forced holidays, today the workers has protested fro the lack
of informations about the situation and the future of the carrier.


AIR DOLOMITI until now a financial invoice of 270 billions of ITL, 70 more
than the 2000. These financial balance for Air Dolomiti as confirmed from
the chairman Dr. ALCIDE LEALI during the press conference where was
presented the new flight Genoa-Frankfurt. The airline, present in the Milan
Stoke Exchange and is a Lufthansa partner, the german airline has 26% of the
shares, Leali's family mantains the share control of the airline and the
30% was sold on the stoke exchange.

AIR SICILIA has established a new codesharing with VOLARE AIRLINES on the
flights from Palermo to Rome/Milan LIN and Catania to Rome/Milan LIN.
Air Sicilia close to the opening of the new flights from Catania to Rome FCO
has agreed with Volare Airlines and Air Europe Italy, the agreement provide
further six daily flights from Palermo to Rome and four daily flights from
the major airports in Sicily to Milan Linate already operated by Air Sicilia.
Flights will be operated with Volare A320 aircrafts, and is in course of
definition a further joint venture that provide the large use of the
distribution services by Sky Network Technologies, a sister company of Air
Sicilia at the moment GSA for Air Sicilia and Air Italy and in future for
Volare Group.
In a moment where the aviation market still is a phase of decrease, the
sinergies created by the two carriers will permitt at the sicilian market
the access to the flights to Milan and Rome with cheapest flights and cared
services.

ALITALIA has tested the operational aspects of Villanova d'Albenga
airport, the target is to open soon a direct link to Rome and probably to
international destinations.
The airline is ready to sell Eurofly, Sigma, Italiatour and the main
headquarter at Rome-Magliana during the 2002. The revenues from the sold out
of these companies are extimated in 270 millions of Euro, with a profit for
the carrier for 130 millions of Euro.
Further similar operations probably will be operated also in other sectors
as handling (Alitalia airport), mantainance and shared services.

AZZURRA AIR and I Viaggi di Atlantide tour operator has presented the new
charter flights to Capo Verde Islands, with effect December 22nd. 2001 every
saturadaya a weekly rotation will be operated from Rome FCO to Ilha do Sal.
With effect December 24th. 2001 Azzurra resumes the weekly rotation operated
in the past winter season 2000-1 from Bologna to Ilha do Sal every mondays.
All the flights will be operated without stops with B737/700.

BLUE PANORAMA AIRLINES, was seen a B737/400 EI-CUA in a special
colour scheme "AFRIQUA operated by Blue Panorama".

RYANAIR will open new routes from Hahn (Frankfurt) to Bergamo/Pescara with
effect February 14th. 2002 and to Pisa with effect March 7th. 2002.

VOLARE AIRLINES will add the routes Rome-Palermo and Rome-Catania with
effect December 1st. 2001 on thrice daily basis, the flights are in sharing
with Air Sicilia.
With effect December 10th. 2001 confirms the addition of new flights from
Bruxelles to Venice/Naples. On these routes the launch fare until January
15th. is 50 Euro one way until three days before the departure, 75 Euro one
way from three days before until the date date of departure.


News 11/2001

AIR DOLOMITI increase from two to three daily flights on the route
Verona-Bruxelles with effect Dec. 1st. 2001.

AIR EUROPE ITALY, strikes are planned from the pilots in the first part of
December after the temptative of Volare Group to apply the same salaries
treatment contract applied to the Volare Airlines pilots used in the medium
haul routes.

AIR ONE, will add the new routes Palermo-Rome FCO and Rome FCO-Catania with
effect Dec. 7th. 2001. The NATIONAL JET ITALIA withdrawing has created a
hole rapidly covered by Air Sicilia and Air One.

BRIXIA AIRWAYS, during the next summer season will increase the capacity
offered with the addition of new aircrafts from the 9 seater Cessna Caravan
to the ATR42 46 seater. The airline will open a new base in Sicily to serve
Pantelleria and Lampedusa. Links will be granted also from Elba Island to
the mainland.

DAT - DELTA AIR TRANSPORT has officially informed by a press release the
soon reopening of the route Bologna-Bruxelles.

FEDERICO II^AIRWAYS has ceased operations and the employees are without
salaries payments since September, losses are extimated in 6 millions of
Euro. On Dec. 4th. 2001 the municipality of Foggia has planned a meating
with the other shareholders (public companies) to approve a new relaunch
plan to restructure with a new money injection or to decide to sell the
airline to private investors.

GANDALF AIRLINES, the board of shareholders has agreed for the new money
injection for 22.9 millions of Euro.

RYANAIR will add from Feb. 14th. 2001 the new routes Hahn-Bergamo
Orio/Pisa/Pescara. Totally are five the daily rotations granted from Germany
to Italy.


AIR ALPS
with effect summer season timetable 2002 (March 31st. 2002) will
add three daily flights on the route Bolzano-Rome FCO from Mo to Fr, once
daily on Sa and rtwice daily on Su. The route will be operated with
DO328/100 31Y.

AIR ONE has registered in the firsts nine months a net profit of 1,76
million of Euro and has transported 1.475.975 pax in 2001 (1.317.007 in
2000) with an increase ratio of +14.1%. The total invoice revenues was
increased of +36% (171 millions of Euro). The airline plans to increase the
fleet from 15 to 18 B737 before of the end of the year.

ALITALIA has registred in October 2001 a decrease of 31.5% on passenger
carried despite to a reduced capacity offered of 16.9%. Consequently the
load factor was decrease of 13.2% until the result of 61.7%.
The amount of passenger carried was -19.9%,
The intercontinental network is the sector that has suffered the major
penalties despite the european and domestic network. After the route dropped
in East Africa, South Africa, Australia, a great reduction of passenger
carried in the North Atlantic sector with a decrease of 46.5%, reduced
capacity offered 28.9% and the consequently load factor of 20.2 p.p. In
South Atlantic sector a decrease of 11.5%, the capacity offered -4.4% an a
reduced load factor of 5.9 p.p.
Medium range routes has suffered a decrease of -18%, a reduced capacity
offered of -4.7% and the load factor with -9.6p.p. to a value of 59.4%.
These results has in evidence difficults especially into the European
community area and Middle East.
In the European community area the passenger carried are -20.2%, capacity
offered -8%. The Middle East sectore has the passenger carried with a -9.8%,
capacity offered -4.2%.
In the domestic network routes the capacity offered with a -3.3%, passenger
carried -16.1% and the load factor has suffered a reduction of 8.9p.p.

EUROFLY, after the recently declarations where Alitalia has the intention to
sold the charter sister company, various subjects are interested to purchase
this carrier as Alpi Eagles, Volare and Mr. Alberto RUSCONI (son of one of
the major italian news editors).

VOLARE AIRLINES is ready to start up operations on the route Cagliari-Milan
Linate with effect December 16th. 2001 as from a department of Transport
degree signes and issued at the end of October, that provide the opening of
the routes before of Dec. 31st. 2001, with public financial support on these
remote routes from the Islands to the mainland.
Volare has requested imediatly a quickly assignment of the slots necessary
to operate the route on Milan and Cagliari airports.
The airline also the necessity to inform the clients about the timetables
and start up flights especially because the Christmas holidays period is too
close.

AIR BELGIUM/D.A.T. has postponed to November 25th. 2001 the date of dtart up
of the flights on the route Bologna-Bruxelles on thrice daily basis.

ALBANIAN AIRLINES has planned a series of extra flights on the route
Bologna-Tirana from Dec. 15th. 2001 to Jan. 13th. 2002 as follow :

from Dec. 15th. to Dec. 2oth.:

1 extra flight pour day

from Dec. 21st. to Dec. 23rd.:

2 extra flights pour day

from Dec. 24th. to Dec. 30th.:

1 extra flight pour day

on Jan 3rd. 2002:

2 extra flights

on Jan 4th. 2002:

1 extra flight

from Jan. 5th. 2002 to Jan. 8th. 2002:

2 extra flights pour day

from Jan. 9th. 2002 to Jan. 13th. 2002:

1 extra flight pour day.

The extra flights operations are planned with Tupolev TU134 Y76.
Albanian Airlines normal operations are granted by a daily flight with
BAe146/200 Y94. Time to time regular flights are replaced and operated with
Tu134 due to cover the mantainance rotation to the single Whisperjet.

ALPI EAGLES with effect December 1st. 2001 will launch the new route
Bologna-Bruxelles on twice daily basis with F100 CY94.

AIRPORTS:

Recently at Singapore into the IATA conference was available the datas
regardingt the slots assignments reservations requested from the airlines
for the next coming summer season 2002.
With surprise Milan Malpensa has lose 5000 slots in the next coming summer
(24 flights slots pour day). Bergamo Orio al Serio has lose 3000 slots (14
daily flights)
Milan Linate has registered reservations for further 18 daily flights,
Bologna +20 flights a day, Florence +8 flights a day, Rome Fiumicino +10
flights a day.


AIR ALGERIE
at the moment still continue to operate its weekly cargo
rotation on tuesdays with B737/200C 7T-VES on Bologna-Algiers instead to
Forli'-Algiers.

AFRICAN SAFARI, will commence a new regular charter flight with effect
December 26th. 2001 thru April 23rd. 2002 from Milan Mxp to Mombasa every
tuesdays. African Safari Airways has also direct charter flights from Basel,
Frankfurt, Vienna, Munich, Dusseldorf, Berlin, London and Lyon. Recently has
acquired an A310 that the first revenue flight is planned on Nov. 30th. 2001.

AIR ALPS will present the new plans and routed from Bolzano in a press
conference on Nov. 10th. 2001.

ALITALIA voices reports about the first B777/200IGW in delivery is expected
on May 2002. The new plans for the future for the long range fleet spoke
about the retirement also of the total fleet of MD11.

RYANAIR updating the previously informations did'nt has stopped the route
Forli'-London STN and with effect Nov. 15th. 2001 has replaced the B737/200
with B737/800 Y189 on daily basis

VOLARE AIRLINES has postponed the delivery of the second A321. Uncorfirmed
voices also reports an unrose future for the Air Europe Italy B777's

AIR DOLOMITI in future are confirmed the orders for three Canadair CRJ200's,
the latest delivery date is planned on January 2003. New route will be
opened to UK, Spain, Scandinavia, East Europe on the base of new planned
commercial agreement with some Star Allinace member carriers.

AIR ITALICA, further details about this new proposed carrier founded on
August 2nd. 2001 with base in Pescara and planned date of commence
operations in the next sprng 2002. Initially the fleet will be composed with
twoaircrafts, contacts are at the moment in course with Bombardier for two
DHC8/Q400 or two CRJ700.
Founders are Filippo Antonio DE CECCO (chairman of SAGA-Handling agent
company at Pescaa and DE CECCO PASTIFICI S.p.A. one of the most famous
italian pasta producers trademark in the world PASTA DE CECCO), Giulio DI
LELLO of SOGET company and the other companies Carlo MARESCA, SAN MICHELE,
SAQUELLA, DI BELLO CCE. Malev - Hungarian airline by Malev Italy is the
operative shareholder of the new airline.
All the shareholders has an even presence in the stake.
Chairman was elected Michele D'ANDREA.
The airline will plans to add the routes Pescara-Rome (thrice daily) and
Pescara-Milan/Turin/Venice on twice daily basis.
Interests was declared to destinations in East Europe from Pescara to
Budapest/Pristina/Bucarest/Timisoara/Skopje/Sarajevo.
Seasonal summer flights are also planned to the Greek islands and to Sardinia.
Local authorities has approved this new entity and they are interested to
entry as shareholders in future.

AIR ITALY has agreed with Strade Blu SpA one of the major company of
maritime transport the transport of the truck drivers in service from Genoa
to Palermo, truck drivers load the truck on the ship and than a shuttle
service transport the drivers to the airport, where on a Air Italy flight to
Palermo allow to save time instead to travel on the ship, in the morning the
drivers pick up the trucks at the harbour in Palermo. The transport company
save also the costs to pay the extra time to the drivers, more highest than
the costs of the one way ticket by air.

AIR SICILIA is reported an interest for two MD83 ex Eurofly that will be
delivered soon after a full mantainance check provided by Alitalia.
With effect December 1st. 2001 will resume the route Catania-Rome FCO on
thrice daily basis.

AIR VALLEE', rumours reports the opening of a new mantainance service
station for Dornier at Bologna in a hangar supplied by the airline partner
SAB - Società per l'Aeroporto di Bologna SpA.

ALPI EAGLES has installed security doors in kevlar instead of aluminium for
the access to the cockpit of its aircrafts.

BLUE PANORAMA AIRLINES is the official carrier of Juventus FC soccer team
for its interantional transfer flights for the games played in Europe.

EUROFLY, Capt. Augusto ANGIOLETTI is the new chairman of the carrier.
Following the new nomination, has leaved all the positions occupied in
Alitalia.

GANDALF has reported losses for 3,28 millions of Euro in the third quarter,
inn the first nine months losses amount to up 24 millions of Euro. Up to
233000 are the passengers carried in 2001 with an increase despite of the
results in the past year 2000.

ITALY FIRST updating previously reports still continue the operations in
wetlease on behalf for Meridiana on the routes Napoli-Cagliari,
Florence-Cagliari/Catania/Palermo.
The airline has suffered the suicide of its chairman, founder and owner Mr.
Stefano PATACCONI, recently death crashing its Mercedes into the waters of
Rimini harbour.

LOT will commence with effect April 2002 the new route Warsaw-Venice on five
weekly basis.

NATIONAL JET ITALIA, despite of the declarations recently exposed by the
airlinr public relation manager where the airline has temporary ceased
operations due to the not according of a credit line, at the moment the
fleet of four BAe146/300 are reported returned to lessor and in storage two
aircrafts in Exeter and two in Dublin.

RYANAIR with effect Nov. 15th. 2001 will cease the route Forli'-London STN
recently added on Nov. 1st.

SIX CARGO plans to add its second F27/500 before the end of this month.

TMA OF LEBANON has at the moment suspended its weekly cargo rotation from
Pisa to Tripoli operated with B707/320C.

U.P.S. has introduced the B757/200PF on the route Rome Ciampino-Treviso-Koln
on five weekly basis from Mo to Fr. The small parcel cargo also operate the
route Bologna-Bergamo-Koln with A300F operated by Channel Express on five
weekly basis from Mo to Fr., Bologna-Koln with F27 operated by Miniliner
from Tu to Fr., Athens-Turin-Koln with B727/100QF operated by Star Air from
Mo to Fr.

VOLARE GROUP, the group of airlines Air Europe Italy and Volare Airlines
will add two further B767/300ER shortly during the winter season.


AEROFLOT DON has moved its regular weekly charter flights from Rimini to
Forli' with again finasl destination Rostov with TU154.

AIR DOLOMITI will add wit effect Dec. 1st. 2001 the new twice daily route
Genoa-Frankfurt in code share with Lufthansa.
The board of Air Dolomiti ahs approved the third quarter balance sheet with
a good performance, the profit is 4,5 billions of ITL in the third quarter
and 4,5 billions of ITL in the firsts nine month of this year.
The total invioce in the third quarter amount at 73,5 billins of ITL,and in
the firsts nine months is 199.8 billions of ITL with an improvment of 18.1%
despite of 2000.
The operational costs amount at 56.6 billions of ITL in the third quarter
and in the firsts nine months are increased by a +20% from 125.9 to 151.1
billions of ITL.
EBITDAR registered in the third quarter is 17.7 billions of ITL AND confirms
an increasing progressive level of +17.6% and in the firsts nine month
amount at 60.6 billions of ITL.
Consequently the EBIT (operational profit) in the firsts nine month close to
12.5 billions of ITL +1.4%, thanks to the 3.5. billions of ITL realized in
the third quarter.
Alcide LEALI, chiarmand and founder of the carrier has reported:
The results regarding the third quarter furthermore confirms the economical
solidity and managing of this airline. The impact, by the way slightly from
the tragics events got in the USA has got in the economical structure of the
company was reduced by the most favourable exchange tax rate between
Euro/USD and the decrease of the prime rates. These directs reasonsof the at
the moment macroeconomy world situation.
The airline confirms its economical targets for this financial year,
tempting to review the EBIT forecasts at the moment extimated for close to
13 billions of ITL.

DELTA AIR TRANSPORT has announced that the routes ceased by SABENA. these
new flights from Bruxelles to Florence (3 daily), Milan (4 daily), Turin (
twice daily) Venice ( twice daily) to be resumed soon.

MERIDIANA, in local newspaper in Sardinia was reported a possible reduction
of 150 job positions with effect the flights dropping in the route
Cagliari-Milan LIN recently assigned to Volare AIRLINES.

NATIONAL JET ITALIA ( the italian franchisee airline for British Airways)
has ceased operations due to financial difficulties to pay its cost and
expenses on Nov. 9th. 2001 and two BAe146/300 was returned to lessor and
parked at Exeter. Routes ceased are Rome FCO-Verona/Genoa/Palermo/Catania.
At the beginning of October has ceased the route Milan LIN-Rome FCO due to
unavailability of conveninet slots and also due to the presence of Alitalia
and Air One. Two B737/400 were returned to lessor. The route Rome FCO-Nice
commenced in April '01 and Rome FCO-Nice in November '00 was cancelled.

RYANAIR has mets recently the local authorities and airport managers of
Alghero due to establish the new strategies for the future especially
directed to the doubling of the existing daily flight from London STN. This
year 90000 passenger was carried on this route and a second daily flight is
soon expected probably in the next summer season. The new timetable probably
will be wit a flight in the morning and the second in the afternoon.RYANAIR
has also spoked about a probably new hub opening in Alghero to meet the
interests especially for the business in East Europe.
Rumours reports also the soon repositioning of the flights operated from
Brescia Montichiari to Bergamo.

VOLARE AIRLINES, the board of shareholders has determined a new availability
for 53 billions of ITL.

AIR EUROPE ITALY will add a weekly ITC charter flight with effect Dec. 15th.
2001 every saturdays from Verona to Pointe a Pitre with B767 operated on
behalf for Costa Cruises.

IBERIA/AIR NOSTRUM will increase with effect Jan 31st. 2002 the rotation on
the route Barcelona-Bologna from two to three daily flights with Canadair
CRJ200. This new flight is a night stop rotation in Bologna.

ICELANDIC MD AIRLINES has introduced on the MD81 TF-MDA a new great sticker
on fuselage "www.mdkallax.com".
Has its new website at http://www.mdairlines.com


ALITALIA has introduced the ERJ145 on Milan Mxp-Stockholm daily, Milan
Mxp-Berlin thrice daily, Milan Mxp-Bilbao twice daily, Milan Lin-Bruxelles
twice daily, Milan Mxp-Dusseldorf daily, Milan Mxp-Munich daily, Milan
Mxp-Nurnberg twice daily, .
Has introduced the Dornier 328 on the twice daily flight Milan Mxp-Koln.
The route Milan Mxp-Dakar with B747 on Tu, B767 on Th, MD11M on Fr.
The route Milan Mxp-Miami is daily with MD11M

AIR ALGERIE has introduced the B737/800 on Algeri-Milan Mxp. on twice weekly
basis on Tu-Fr.

AFRICAN SAFARI add a weekly charter flight from Milan Mxp to Mombasa with
DC10 on Tu from Dec. 26th 2001.

AIR EUROPE ITALY will operate a weekly rotation from Dec. 21th. 2001 from
Milan Mxp-Nice-Pointe a Pitre for Costa Cruises, a weekly rotation on Sa
from Milan Mxp to Paris CDG-Pointe a Pitre again for Costa Cruises, those
flights with B767/300.
With effect Dec. 26th. will add a weekly direct charter flight with B777/200
from Milan Mxp to Phuket on We.
Will continue the charter operation from Milan Mxp to Roatan, Punta Cana,
Puerto Plata, La Romana, St.Marteen.

ALPI EAGLES will increase from thrice weekly to daily with effect Dec. 1st.
2001 the route Athens-Venice. As the same from the same date the route
Venice-Berlin Tegel from five weekly to daily.

AXON has replaced the B737/400 or /700 with ERJ145 on Milan Lin-Athens.

AZZURRA AIR add a weekly charter flight from Milan Mxp to Cap Skirring with
B737/700 on Fr from Dec.21st. 2001. couple of rotation will be added from
Milan Mxp to Kokoda on Fr. from Dec. 28th to Jan.4th. and on Su from Jan
13th to Feb. 2nd with B737/700. A weekly charter rotation from Milan Mxp to
Manchester from Feb. 25th. to the end of the winter timetable with B737/700.

BRAATHENNS the route Milan Mxp-Oslo is only weekly on Sa from Jan. 5th.2002.

CORSAIR has reduced from four to twice weekly the route Paris ORY-Venice.

DELTA AIR LINES until March 15th. 2002 the route Venice-New York is four
weekly, from March 16th. 2002 will be increased to daily with B767.

EUROFLY from Dec 1st. a weekly charter flight from Milan Mxp to Asmara with
B767. From Nov. 2nd. 2001 a weekly charter flight continue from Milan Mxp to
Ilha do Sal with B767.
Add a weekly charter flight from Milan Mxp to Pointe a Pitre on Fr. from
Nov. 2nd. to March 28th. with B767/300 and another weekly charter flight
wiht effect Dec. 15th. to March 30th. with B767/300.

JAT operate a thrice weekly Milan Mxp-Beograd with DC9/30 on Mo-We-Fr.

KLM EXEL has dropped the route Maastricht-Milan with effect Oct. 29th. 2001.

LAUDA AIR ITALY from Dec. 18th. 2001 a single weekly flight from Milan Mxp
to Antigua with B767. Will continue the charter operations from Milan Mxp to
Maceio, San Andres, Cartagena, Panama City, Salvador de Bahia. From December
23rd to Rocksound from Milan Mxp.

LUFTHANSA, in November & December the evening flight from Dusseldorf to
Bologna is operated with Eurowings CRJ200.

LUXAIR has reduced from eleven weekly to six weekly on the route
Turin-Luxembourg. Luxair has mantained all the afternoon flight, the morning
rotation was cancelled.

MAERSK AIR has introduce the CRJ instead of B737/500 on five weekly flights
up to six operated on the morning flight Venice-Copenaghen.

MERIDIANA with effect Nov. 4th to Dec. 21st. 2001 will reduce from daily to
thrice weekly the route London LGW-Turin, with effect Dec. 22nd will be
reincreased to daily. Has resumed the route Catania-Florence with ATR42
instead of the BAe146/200.

RAM add a weekly rotation with B767/300 on sunday from Feb. 17th. 2001 on
Milan Mxp-Casablanca.

QANTAS will reduce with effect January 2002 from four to three weekly
flights on the route from Italy to Australia.

AIR DOLOMITI has added with effect Oct. 29th. 2001 the new daily route on
weekdays Milan LIN-Frankfurt with CRJ. Has dropped the route Milan
LIN-Cagliari with effect Oct. 28th. 2001.

ALITALIA and Minerva Airlines has added the daily route Rome FCO-Perugia
with Do328.

BLUE PANORAMA AIRLINES will open a new marketing sales office in North Italy
where the airline has the 65% of its operations, a new B737/800 Y189 join
the fleet in May 2002 on place of a B737/400. Mr. Franco Pecci, chairman of
Blue Panorama and Distal Group he says "is planned that this new aircraft
will operate on the routes to Cape Verde, Senegal, Kenya and probably to
Zanzibar".

IRAN AIR has dropped due to the international air transport crisis one of
the twp weekly flights on the Rome FCO-Teheran.

VOLARE AIRLINES has totally dropped the intention to began regular flights
on the routes Milan Lin-Madrid and Venice-Madrid. Originally pleanned with
effect Oct. 1st and postponed due to the international air transport crisis
to the Dec. 1st. 2001 will be postponed sine die, due to the Swissair Group
difficulties, and from Nov. 3rd. 2001 added a weekly charter flight on Sa from Milan Mxp to
Ilha do Sal with A321, on Su from Dec. 23rd to Feb. 24th. 2001 with A321.

AIRPORTS

On Oct. 29th. 2001 six airports was lowered with a NOTAM issued by Italian
Civil Air Traffic Agency ENAV SpA order to operate with landing minimum from
Cat.3B to Cat 1 due to safety reasons connected to detect the possible
lights failure on the night lighting runway system.
The list of airports with this new operation limits enclose Milan Mxp, Milan
Lin, Bergamo, Bologna, Trieste and Turin.
With very surprise was the situation at Bologna where the new detection
system declared as state of the art system homologated two years ago by the
Italian Civil Air Traffic Agency ENAV SpA with a commission formed by
peoples working for this entity. Purchased and enginered with funds by the
same ENAV SpA, and mantained too.
On tuesday Oct. 30th. 2001, Dott. Alberto CLO', chairman of SAB - Sociertà
per l'Aeroporto di Bologna SpA, the major handling agent company at Bologna
Airport in a press declaration has protested for this NOTAM issued and has
announced that the company will provide for legal action to request the
funds for the damages got from the diversion of airliners in case of fog. On
monday evening and thursday morning various airliners has to be diverted to
other airports due to the very limited visibility could not be assure and
clear to land the flights. Similar troubles was suffered in Milan, Turin and
Bergamo.
An immediate meeting ordered by the italian government department of
transport minister has confirmed the NOTAM issued but in a limited time
(approcimately ten days) these airport should be inspected to verify if the
night lighting aid landing system and the detection system are on respect of
the international rules issued by ICAO.


News 10/2001

AIR MOLDOVA still continue also during those winter timetable on thrice
weekly basis from Chisinau to Rome FCO with Embraer ERJ145.

AIR ONE will increase the capacity offered of a 10% moore than the past
winter timetable.

AIR VALLEE' has postponed the launch of the first international flight from
the new Bologna hub from Oct. 29th. 2001 to Nov. 19th. 2001.

ALITALIA with effect Oct. 29th. 2001 will double its planned daily flight
from Mo to Fr from Bologna to Naples with Do328/100 in code share with Minerva.
Minerva Airlines. Will add from oct. 29th. 2001 will add the route
Parma-Rome FCO operated and shared with Minerva Airlines on thrice daily basis.

CROSSAIR will add the route Venice-Zurich on twice daily basis with Saab
2000, the flight will be operated on place of the dropped Swissair route,
recently due to the crisis of the international major flag carrier.

GANDALF AIRLINES await on Oct. 29th. 2001 when the board has to decide the
new money injection in its company capital, the last meeting was finished
with a negative result because the airline plans has the necessity of 15
millions of Euro, but in the last meeting only 2,9 millions were collected.
Now th KPMG financial advisor has reported the negative run of the balance
of the airline and the new money injection is necessary for the future of
the airline, the recently employees reduction of 1/3 has also caused the
return to lessor of two Do328JET.

MINERVA AIRLINES has painted a Dornier 328 in a special c/s featuring the
Adriatic Coast of Emilia Romagna, this promotional livery was executed to
launche the new services from Rimini to Rome FCO/Milan Mxp on twice daily
flights each leg. This airliner was renamed City of Rimini.

RYANAIR will reduce with effect Nov. 1st 2001 the route Ancona-London STN
from two to one daily flights. The reason must to be search in the new
opening of the services to Forli'.

SWISSAIR has dropped the route Genoa-Zurich operated on thrice daily basis.
This route added as first airport in Italy after Milan and Rome has
constitute the milestone on the flights between Italy and Switzerland, the
reason of the operations from Zurich to Genoa has to be searched on the
highest number of seamen travelling from around the world and with final
destination Genoa to join the ships stopping into the harbour. 7 peoples has
lost its job in Genoa and 7 at Turin due to the services dropped.

TAROM will increase from Oct. 28th. 2001 from thre to four weekly from
Ancona to Arad-Bucarest, two rotations on Mo and Fr with B737/500 and two
with ATR42/500.


AIR ITALY
did'nt began the route Florence-Catania.

ALITALIA this is the full reduction operations plan with effect Oct. 28th.
on the major italian flag carrier: Will drop three intercontinental routes:
Rome-Rio de Janeiro, Malpensa-Pechino and Malpensa Hong Kong.

To be cutted some frequencies from Rome FCO and Milan Mxp to New York.

19 routes to the Europe to be dropped:

Milan LIN-Athens, Venice-London, Bologna-Paris, Rome-Dusseldorf, Milan
Mxp-Oporto/Koln/Nurmberg
To be reduced the routes Venice-Pars, Bologna-London, Rome-Nice,Milan
Malpensa Zurich/Madrid/Marseille/Nice/Hamburg/Dusseldorf/Munich/Tel Aviv/Cairo.

Cancelled the routes Milan Malpensa-Parma/Verona

Reductions the routes Rome-Florence, Milan
Malpensa-Rome/Venice/Bologna/Pisa/Trieste/Alghero/Genoa/Perugia.

NATIONAL JET ITALIA has dropped the route Rome FCO-Nice/Athens. Two B737/400
was grounded, suspended the further expansions plans as previously reported
to Cairo, Tel Aviv.

TYROLEAN AIRWAYS with effect December to April 02 pland to add charter
regular flights from Bolzano to Catania/Palermo.


AIR DOLOMITI
was awarded from E.R.A. (European Regional Association) with
the Bronze Award 2000/2002 at the third pèlace in the chart, after
respectively Eurowings (Gold) and Wideroe (Silver). The airline has a lon
list of awards got from various associations and travel magazines since its
foundation, Air Dolomiti day by day and year after year has amnatained a
highest standards in its onboard serivce, youngest fleet, positive fiancial
balances.

ALITALIA will resume with effect Oct. 29th. 2001 a five weekly regular
flight from Bologna to Naples operated with Minerva Airlines DO328/100 from
Mo to Fr.

ITALY FIRST, recently its founder Mr. Stefano PATACCONI die in a suicide in
its car jumping into the water of the port in Rimini, the recently
declariation here reported from Mìeridiana probably will cause a lot of
problem to this airline. Mr. PATACCONI was also the owner of Condor tour
opertor in Italy the ninth italian tour operator.

MERIDIANA has annonced that all the wetlease contract at the moment in
operations will be sropped with effect October 28th. 2001. At the moment
Meridiana has in wet lease 1 F100 from Alpi Eagles and two ATR42 from Italy
First.

MINERVA AIRLINES will change its twice letter code from Q2 to N4.

NEOS will start from mid February its operations with charter lights
operated mostly for Alpitour and Francorosso, owned by IFIL (hte holding
company of Agnelli's family)
to the Canary Islands, Malaga and Egypt.

AIR GABON will increase from one to two weekly services on the Rome
FCO-Libreville, the new weekly rotation is expected from Nov. 1st. 2001 on
sundays with B767.

AIR ITALY has postponed due to the air civil scene difficulties the start of
long haul charter operations. Has postoponed also to add the route
Brescia-Rome FCO.

ALITALIA will reduce frequencies on the routes Milan Mxp-Bologna/Venice,
Trieste/Pisa and will drop the feeder services Milan Mxp-Parma/Verona.

SOUTH AFRICAN AIRWAYS is interested to resume regular flights from South
Africa to Italy.


ALITALIA will drop with effect October 28th. 2001 the routes:
Bologna-London LGW, Bologna-Paris CDG, Venice-London LGW, Venice-Paris CDG.
Further routes from Milan Mxp and Rome FCO are expected to be dropped or
reduced.

GANDALF in the week between October 22nd to 24th. 2001 has planned the board
of shareholders meeting, who has to plan a recapitalization. The airline has
wet leased a F100 with effect October 29th. 2001 from Brit Air only for the
route Milan LIN-Paris CDG. And in future will decide to add new airliners on
the size 50-70 pax. Load factor is around 55%.

LUXAIR with effect October 29th. 2001 will drop the route Florence-Luxembourg.

MINERVA AIRLINES will resume with effect October 29th.2001 the route
Trieste-Naples with Do328. Further routes expansions in future will be
performed from Trieste linking also Palermo, Catania and Bari.

SWISSAIR has dropped with effect October 11th. 2001 the routes Venice-Zurich
and Turin-Zurich.

VOLARE AIRLINES it plans to add the routes Venice-Madrid and Milan LIN-Venice
with effect December 1st. 2001. With effect tomorrow will add the route
Catania-Venice. Those the routes to be operated on daily basis.

AIR ONE will resume with effect October 28th. 2001 the route Rome
FCO-Crotone, the flight is on the daily basis with B737.

AIR VALLEE', yesterday during a press conference in Bologna this carrier has
presented the new joint-venture signed between Air Vallee' and S.A.B. -
Società per l'Aeroporto di Bologna S.p.A., the most important handling
company in Bologna.
This financial operation is based not as until now where a carrier is a
client of a handling company, but is a joint venture on the operational and
the financial side.
Franco Cimminelli the chairman and one of the most shareholder of Air
Vallee' has announced the start of this new cooperation with Dott. Alberto
CLO' chairman of S.A.B.
The airline plans to invest 40 millions of USD for three new aircrafts
Dornier Do328JET.
Franco Cimminelli has spoke about the decision of Air Vallee' to open a new
technical operation base here at Bologna, and choice of Bologna was after a
delicated traffic and economical studies where the high number of passenger
who's travel for business is an interesting revenue for an airline
especially for the typical economical local structure available in Emilia
Romagna with its industries and the trade fair events plus the highest
number of conference meeting presents that cliam peoples especially from
various places of the country. Local investors has also dedicated a lot of
money in investments in the South Italy.
64 weekly frequencies will be added imediatly with effect October 15th. thru
the end of November with hub in Bologna and with final destinations some
international destinations and various airports in Puglia, Calabria, Lazio
and Piedmont.
With effect Oct. 15th. 2001 will be added the flights:

Bologna-Turin (daily)
Bologna-Reggio Calabria (daily)
Bologna-Lamezia Terme (daily)

With effect Oct. 29th. 2001:

Bologna-Nice (daily)

With effect Nov. 19th. 2001:

Bologna-Bari (twice daily)
Bologna-Geneve (five times a week)

With effect November 2001 (dates undisclosed):

Bologna-Brindisi (four times a week)
Bologna-Crotone (daily)
Bologna-Rome FCO (daily or twice daily)

Typical and cared Aosta Valley cuisine dishes will be served on each flights
on domestic and international routes, special launch fares are also available.
Air Vallee' is a very youngest airlines that has dedicated a lot of time in
heli activity, air taxi, and recently from four years has started to link
Aosta Valley to Rome with a Lear31 and tha with the expansion of the traffic
with a Be200. A new presence of new shareholders as Fanco Cimminelli,
Casino' de la Val d'Aoste, Aosta Valley local regional government has
allowed the leasing of a Dornier Do328JET to increase from one to two daily
flights from Aosta to Rome and to start the first international link for The
Aosta Valley from Aosta to Paris CDG, recently charter flights was added
from Aosta to Palermo/Catania and the seasonal routes Aosta-Olbia and
Lugano-Olbia.
During the summer was received the second Do328JET and with this aircraft
was start the routes Turin-Cagliari, Turin-Reggio Calabria and Turin-Lamezia
Terme with effect June 28th. 2001. These routes will be dropped with effect
October 15th. 2001. In the plans of the carrier was planned the delivery of
further four aircrafts, one every 6 months, but the new joint venture signed
between Air Vallee' and SAB has shorted the times.
With effect Oct. 19th. 2001 will add the route Turin-Pescara from Mo to Fr.


CONTINENTAL with effect October 1st insert a B767-200 from MXP to Newark (Bye Bye DC10!!!!)

AIR ITALICA is a new proposed carrier with base at Pescara, major
shareholders are Regione Abruzzo and privare investors, and is reported also
MALEV. Commuter aircrafts are the base airliners planned, routes probably
from Pescara to Milan, Rome, Venice, and to the east.

AIR SICILIA now has effectively returned to lessor the Austrian Airlines
MD87, and replaced with the Panair - Compagnia Aerea Mediterranea B737/300 EI-PAR.
The Islandsflug ATR42/300 TF-ELK is currently in service, as the same the
Air Italy SAAB2000.

AIR VALLEE' with effect October 15th. 2001 will add the routes
Bologna-Turin, Bologna-Reggio Calabria, Bologna-Lamezia Terme with Do328JET.
Those the flights are operated on daily basis. On Oct. 14th. 2001 will be
the last date of the flights Turin-Cagliari, Turin-Lamezia, Turin-Reggio Calabria.

ALITALIA has decided to move part of the flights from Milan Mxp to Rome FCO.

ALPI EAGLES, has installed a new kevlar door between the cabin and the
cockpit of its F100. Chairman Dott.Sinigaglia has announced the nest
addition of further 5 F100 to increase the fleet from 8 to 13 aircrafts. New
thrice weekly flights from Madrid to Naples and Venice to Madrid will be
added from Oct. 14th. 2001.

BRITISH AIRWAYS will reduce with effect October 28th. 2001 from two to one
daily flights on the route Verona-London LGW. Three daily flights on the
route London LGW-Milan Mxp will be dropped.

DHL is interested to add Bologna as new cargo scheduled destinations, during
a promotional conference, Andrew Love the Europe marketing manager as
explained that the air courrier is interested to establish a new 9000square
metres logistic area. Route planned are Alghero-Bologna and
Bologna-Bruxelles or East Midlands. Not yet known at the moment the date
when DHL will commence the flights.

SIFLY, has ceased operations due to financial reasons, all ATR42 was
returned to lessor as the same the short term leased Besit Metro23.

VOLARE AIRLINES has postponed the start of the new flights from Venice to
Madrid and Milan Lin to Madrid, due to the Swissair troubles, these flights
are to be not operated before Nov. 30th. 2001. Has started as planned the
route Catania-Venice on Oct. 1st. 2001.


News 9/2001

AIR FRANCE will drop the routes Turin-Frankfurt/Marseille with effect
October 28th. 2001.

AIR SICILIA updating the previously infos, has returned to lessor the
European B737 and still continue to wetlease the Austrian Airlines MD87
OE-LML, apologizing for the mistake.

ALPI EAGLES with effect October 28th. 2001 will add a four weekly flight
(MO-WE-FR-SU) from Venice to Madrid and a thrice weekly from Naples to
Madrid (TU-TH-SA) those with F100. The route Brescia-Rome FCO will be
incresed from two to three daily flights.

CHANNEL EXPRESS will restart a cooperation with U.P.S. with effect October
1st. 2001 on the route Bologna-Bergamo-Koln with A300F with daystopping at
Bologna.

DELTA AIR LINES, due to the effect of the recently recession the route
Venice-New York will be operated daily until October 27th. 2001, and than
reduced to five weekly until October 31st. 2001, with effect Nov. 1st will
be operated on four weekly basis. Those frequencies with B767/300ER.

FARNAIR EUROPE will drop its cooperation with U.P.S. on the route
Bologna-Bergamo-Koln with effect September 28th. 2001.

MERIDIANA with effect October 28th. 2001 will drop the route
Bologna-Barcelona, Florence-Catania. The route Florence-Barcelona will be
reduced from two to one daily flights.The route Florence-London LGW will be
reduced from three to two daily flights.

PORTUGALIA will reduce from six weekly to thrice weekly the route
Bologna-Lisboa, with effect October 28th. 2001 the route will be on MO-WE-SU
on the rotation Bologna-Lisbon, the stop at Oporto will be dropped.


ALITALIA, these are the measures decided by the chairman and the president
for the next future to reduce the costs and losses of the italian flag carrier:

Fleet:
Reduction of the flying activity even to six MD82;
Retire with effect Nov.1st2001 of four B747/200, further three not more than
the first half of 2002;
Reduction of the flying activity even to 2 MD11;
Direct owning of three Eurofly B767;
Suspended and freezing about any decision to options or renegoziation of the
purchasing contracts.

Route Network
Wiil be suspended all the route to the secondary airports in Europe from
Milan Mxp;
Flights from Milan Mxp to San Francisco/Hong Kong/Peking will be dropped
Flights from Rome FCO to Rio de Janeiro (this flights was commenced
imediatly after the Second World War by Alitalia's Avro Lancastrian, this
the most hystoric route operated by Alitalia and never been dropped until now)
Will be dropped one daily flight from Rome FCO to Cairo/Tel Aviv;
Capacity will be reduced on the route Milan Mxp/Rome FCO-New York;
Flights will be suspended or reduced on the feeder services to the Milan,
Rome airline hub.

AIR DOLOMITI has presented the operational results scored in August 2001:

In it's press releases the airline chairman and major shareholder Dott.
Alcide LEALI has declared, "that in this moment the air traffic has suffered
the tremendous events occured in the U.S.A.. The airline has continued to
operate its scheduled flights as normal without changes, in the past days
the traffic of the airline has suffred a partial decreasing but limited to
the first days, connected to the flights cancelled from the carriers from
the U.S.A., with also an inevitable emotional impact. The increasing trend
costantly registered from January to August, at the moent is confirmed
during September. Our clients infact is represented from business passengers
that travel for work, mostly to european destinations. At the moemnt we
did'nt forcast a sensible impact on the Air Dolomiti financial-economic balance.

Preliminary traffic results:

August 2001 2000 Factor %

Regular flights
Passengers 89.541 67.858 +31,95%
Load Factor 61,83% 59,35 +2,48%
Flights 2.770 2.238 +23,77%
Flying hrs 4.222 3.581 +17,90%
ASK (000) 96.230 75.133 +28,08%
RPK (000) 59.496 44.595 +33,41%
Total activity
Flights 2.922 2.605 +12,17%
Flying hours 4.460 4.063 + 9,77%
Passengers 94.941 81.202 +16.92%

In August 2001, Air Dolomiti passengers carried onboard of its regular
flights was +31.95% compared to the August 2000.

The offered capacity measured in ASK (Available Seat Kilometres) in August
2001 , is increased of +28.08 compared to the August 2000.
Traffic expressed in RPK (Revenue Passenger Kilometres) in August 2001, is
increased +33.41% compared to the same month in the past year. This scored
result has improved th load factor with a +2.48% (61,83%)

Between January and August total passengers (regular flights, charter
flights and wet lease operations) has past the 600.000 units scoring 628.566.
Passengers transported on regular flights was +27.05% carring 586.290
passengers. In the first 8 months load factor is incresed of 1.6% from 54.2%
to 55.8%.

AIR ITALY will add the route Florence-Catania every day with effect October
21st. 2001 with Saab2000.

AIR SICILIA has returned to lessor the Austrian Airlines MD87 OE-LML, and
currently has in wetlease time to time a Panair B737/300 EI-PAR and an Air
Italy Saab2000.
With effect October 21st. 2001 will add the route Florence-Palermo every day with ATR42/300.

ALPI EAGLES will drop the route Bologna-Naples, Naples-Brescia with effect
October 28th. 2001, and will add the daily route Brescia-Catania.

MERIDIANA will drop the route Bologna-Naples operated in joint venture with
Alpi Eagles, and the route Naples-Milan Linate with effect Oct. 28th. 2001.

NATIONAL JET ITALIA with effect Oct. 15th. 2001 will add the route
Verona-Rome Fiumicino with BAe146/300 on thrice daily basis

AMERICAN AIRLINES with effect Nov. 1st. 2001 will drop the routes Rome
FCO/Milan Mxp-Chicago, due to the effect of the crisis suffered after the
Sept. 11th. 2001.

SWISSAIR with effect October 28th. 2001 will drop the route Bologna-Zurich,
due to also operational conflicts with its partner Air Littoral. The route
probably will be resumed in summer.


VOLARE AIRLINES will add from Oct. 1st. 2001 the routes Venice-Catania
(daily), Venice-Madrid (daily), Rome FCO-Bari (thrice daily), Milan
Linate-Madrid (daily). In future will be expexted to start flights from
Bruxelles to Milan and Rome with connections to the South.

ALITALIA to reduce its losses, plans to reduce the seats availability on the
routes from Italy to U.S.A. and to strat to retire its fleet of B747, on the
long haul the presence will be limited to the B767 and MD11.

SABENA will drop with effect winter timetable 2001/02 the routes
Bruxelles-Catania/Verona.


AIR DOLOMITI will increase from two to three daily flights on the route
Verona-Bruxelles with Canadair CRJ

AIR VALLEE' with effect mid October will receive further two Do328JET, and
increase in total the fleet from two to four. The newest twojetliners will
be based in Bologna, because the airline has created a new partnership with
the local main hanling company S.A.B. - Società per l'Aeroporto di Bologna
SpA to operate various new direct flights from Bologna to the South Italy
especially to Puglia and Calabria. In this operation enclose also the start
up of direct flights to European destination. Bologna will be used as a new
hub for this small third level operator. All flights to be operated on daily
basis.

AIR ITALY, soon will start the route Brescia-Rome FCO and Brescia-Palermo
with Saab2000.

AIR ONE will add with effect October 27th. 2001 the daily route
Turin-Catania amd increase from one to two daily flights on the route
Naples-Turin. All flights will be operated with B737 and in sharing with
Lufthansa.

NATIONAL JET ITALIA will launch with effect October 8th. 2001 the route
Genoa-Rome FCO on thrice daily basis.


AIR LITTORAL will drop the route Bologna Nice with effect October 27th. 2001.

YEMENIA will add a second weekly flight with effect winter timetable
2001/2002 from Milan Mxp to Sanaa. With this new development, the yemenite
carrier offer two weekly flights each from Rome and Milan. A large number of
tourists has visted the arab country and consequently the carrier with the
intent to satisfy the requests has decide to increase the weekly frequencies
between Italy and Yemen.

CARPATHIAN AIR TRANSPORT due to the collapse has dropped the route
Verona-Budapest-Beograd.

FEDERICO II^AIRWAYS has dropped the route Bologna-Bari.

GOLDWING AIRLINES with the entrance of the new german partner Finakom AG was
refinanced and with effect winter timetable intend to restart regular
operations with a new route network in Italy with five aircrafts.

SAS with effect October 27th. 2001 will drop the route Kobenavn-Bologna.
Italian marketing department of SAS has decided to move the scheduled
flightfrom Bologna to Milan to increase its presence on the market and lose
the reasonable traffic of 52000 passenger in one year carried on 2000, on
1999 were 40000.

SRI LANKAN has dropped all the services from Italy.

AIR FRANCE with effect October 26th. 2001 will drop the route LYON-TURIN.

AIR ONE is interested to add soon Genoa on its timetable, first route will
be Genoa-Rome FCO. Contacts at the moment are in course especially to agree
a reduced handling fares contract from the local handling agent company.

AIR SICILIA, the Board has decided to add soon in future newest generation
airliners.

BRITISH AIRWAYS with effect winter timetable will transfer all the three
daily flights on the route Bologna-London from Heathrow to Gatwick,
consequently also will replacee the A319 with B737/400.

BRIXIA AIRWAYS, wants to commence regular flight in future with at at the
momnet undisclosed fleet composed by Boeing aircraft. The airlines founded
by northwest italian investors has placed its base at Brescia Montichiari.

DELTA AIRLINES reduce from daily to five weekly during the winter season
2001/2002 on the route Venice-New York JFK.

LUFTHANSA with effect winter timetable will resume the route Naples-Munich
with a twice daily flight operated by A320 and CRJ700. Increase the seat
availability on the route Bologna-Munich, the airliner will spent the night
in Bologna, due to the recently concession of new slots after the opening of
a new 5 places apron enlargment. Consequently the daily extension
Bologna-Naples of the route Munich-Bologna-Naples with effect winter season
will be dropped.
The airline probably will drop with effect winter timetable the route
Turin-Paris CDG operated with Canadair CRJ

PANAIR - COMPAGNIA AEREA MEDITERRANEA, wants to add further two B737/300 in
its fleet, especially to cover the outgoing market from South Italy, the two
new leased airliners will be added during the winter season 2001/2002.

PORTUGALIA with effect winter timetable will modify the timetable on the
flights from Turin as follows:

Turin-Lisboa from Mo to Fr. with F100
Turin-Madrid-Lisboa on Sa with ERJ145

RYANAIR has icreased during the summer timetable from one to two daily
flights on the route Ancona-London STN, to cover the demand of holidayers
from UK to the Adriatic Coast resorts. New planned frequency increasing with
effect winter timetable from twice to thrice daily from Treviso to London
STN and new weekenders flights from Turin/Brescia to London STN.
With effect Nov. 1st. 2001 will add the route Forli'-London STN daily

AIRPORTS:

BOLOGNA: The Board of directors of S.A.B. - Società per l'Aeroporto di
Bologna has decide to extend the aprons with the additions of 12 new stands
with a planned investment of 15 billions of ITL.
Soon will be expected new regular flights operations on the domestic market
to South Italy and to various destinations in Europe.

FORLI', the new marketing strategy operated by the market department of
S.A.B. - Società per l'Aeroporto di Bologna and S.E.A.F. has increased the
traffic of this small airport used as the alternate airport of Bologna. New
commercial services will be added from Kazakhstan to Forli', and Ryanair
with effect Nov. 1st. 2001 will add the daily route Forli'-London STN. The
airline intend to increase to two daily flights if the demand is reasonable
profitable, and probably is expected during the summer 2002 a new service to
Charleroi. Ryanair extimate a movement of 250000 passengers pour year.
Recently Forli' has added summer charter regular flights to Ukraine, and
annual charter services to St.Petersburg with Pulkovo and still continues
the cargo operations to Algeri and Moscow


AIR DOLOMITI has reported excellent results in July 2001, especially in the
regular flights, the airline has carried in July 90.439 passengers with an
average increase factor of +30.45%. The load factor in July was 58.16% with
1.15% up to July 2000. From January to July, moreover, the increase factor
is +26.21% and 496.749 passengers are carried. Load factor was 54.61%, 1.23%
more tha in the 2000, where were registered 53.58%.
Capacity offered measured in ASK (Available Seat Kilometres) is 24.9% more
than the past year.
Traffic in RPK (Revenue Passenger Kilometres) is incresed with a +27.44%.
Enclosing the charter and ad hoc flights activity from January to July 2001
has carried 533.625 passengers, first time up to half million of passengers.

AIR ITALY on Aug.27th.2001 has start up its regular flights from Catania to
Genoa and Genoa to Palermo with Saab2000. Twice letter code is NN. Special
fares are available until October 27th. 2001. Reservations are available
only by Sky Network Technologies reservation system available in internet at http://www.sntweb.it

AIR MOLDOVA will increase from twice to thrice weekly the route Rome
FCO-Chisinau.

ALPI EAGLES is interested to acquire part of the stake of Alitalia at the
moment in the hands of the government in case the major italian carrier will
be privatized.

BRITISH EUROPEAN with effect summer 2002 plans to operate on the Air France
flights from Paris CDG-Florence route with its newest ARJX100.

CARPATAIR has increased from three to four weekly the routes
Timisoara-Florence/Bergamo/Treviso and from two to thrice weekly from
Bologna/Verona to Timisoara.

CITYFLY has operated with its BN2A Islander a regular flight from Lecce to
Kerkyra.

CONTINENTAL AIRLINES will replace the DC10 with B777 on the routes from New
York Newark to Rome/Milan with effect winter timetable.

GANDALF AIRLINES has reported losses in the first six months of this year
for 27,7 billions of ITL (11.9 billions of ITL in 2000), the year annual
invoice has scored an interesting increase as the same for the passenger
carried. With effect Aug. 27th. 2001 has dropped the routes Milan Orio to
Munich/Berlin/Koln and Parma-Barcelona. The board of directors has also
decided to reduce the fleet, and 62 determined contract of employments will
be cutted. This measurs was decided to reduce the debts.
Financial invoices amount at 49.8 billions of ITL, 83% more than the past year.
Passengers carried are 147156 +115% than in the 2000.

LOT POLISH AIRLINES is interested to add the route Vencie-Warsaw with effect
summer timetable 2002 with EMB145RJ

MALEV HUNGARIAN AIRLINES has postponed the start of the flights from
Budapest to Bologna/Venice.

MERIDIANA on Sept. 1st. 2001 will celebrate the 10th anniversay of start up
operations. The carrier until Aug 21st. 1991 has operated as Alisarda since
1963.The carrier has now 17 MD82, 4 BAe146/200, plus one F100 is wet leased
from Alpi Eagles and two ATR42/300 from Italy First. The airline serve
domestic destinations in Italy and to the major international hubs in Europe
all the year

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