Share Purchase Agreement between Alitalia and Cendant Corporation

Alitalia informs that, on April 23rd 2002, Alitalia and Cendant Corporation executed the Share Purchase Agreement to sell Sigma, a wholly owned subsidiary of Alitalia, for an amount of approximately Euro 105 million.

Sigma is the exclusive distributor of Galileo services and products throughout Italy and has developed a range of solutions for the travel industry, including reservations services for ferry companies, tour operators and the Italian railways.

The transaction - which is expected to close in the second quarter of 2002 and is subject to customary regulatory approvals - is part of the disposal process of Alitalia`s non-core assets, which is being implemented consistently with the 2002-2003 Business Plan.

Lazard and Grimaldi Clifford Chance acted, respectively, as financial and legal advisor to Alitalia in the transaction.