Paul Hastings Represents Alitalia in US$445 Million Refinancing of the Company

December 22, 2005

Milan, Italy (December 22, 2005) – Paul, Hastings, Janofsky & Walker LLP (“Paul Hastings”), a leading international law firm, represented Rome-based Alitalia in the US$445 million refinancing of the company.

Paul Hastings assisted Alitalia in one of the largest aircraft facility ever granted to the company. PK AirFinance, a subsidiary of GE Commercial Finance, acted as the lender in the deal. As part of the transaction, 28 mortgages were registered. The refinancing will last 8 years.

The Paul Hastings team was led by Milan partner Roberto Cornetta and was assisted by Mark Eagan, partner (London) and associates Tuvi Keinan and Gennaro Mazzuoccolo (Milan).
Alitalia is the major player in the Italian air transportation field, and the sixth in Europe for number of passengers, about 22 millions a year. Alitalia serves national, international and intercontinental flights thanks to its fleet of 180 aircrafts. In 2001 Alitalia became part of Sky team, one of the biggest international air transportation alliances, together with Air France, Delta Air Lines, Korean Air, Aeromexico and Czech Airlines. With a turnover of about 5000 billion Euros Alitalia is quoted at the Milan Stock exchange.

Paul, Hastings, Janofsky & Walker LLP, founded in 1951, is a leading international law firm with 1,000 attorneys in 17 offices. The firm serves a diverse client base including many of the top financial institutions and Fortune 500 companies, supports clients in all of their legal needs and offers deep capabilities in Banking and Finance, Capital Markets, Corporate/M+A, Litigation and Dispute Resolution, Intellectual Property, Project Finance, Investment Management, Real Estate, Labor and Employment and Tax Advisory Services. For additional information, please visit our website at www.paulhastings.com