List of Government-owned and Privatized Airlines ...

[Pages:14]List of Government-owned and Privatized Airlines (unofficial preliminary compilation)

Area

Country/Region

Airline

Total governmental

shares

Governmental shareholders

AF Angola

Angola Air Charter

AF Angola

Sonair

AF Angola

TAAG Angola Airlines

AF Botswana

Air Botswana

AF Burkina Faso

Air Burkina

AF Burundi

Air Burundi

AF Cameroon

Cameroon Airlines

AF Cape Verde

TACV Cabo Verde

AF Chad

Air Tchad

AF Chad

Toumai Air Tchad

AF Comoros

Air Comores

AF Comoros

Air Comores International

AF Congo

Lina Congo

AF Congo, Democratic Republic Air Zaire

AF oCf?te d'Ivoire

Air Afrique

AF C?te d'Ivoire AF Djibouti AF Eritrea AF Ethiopia AF Gabon AF Gabon AF Gambia AF Ghana AF Ghana AF Guinea AF Guinea-Bissau

AF Kenya AF Kenya AF Lesotho AF Madagascar AF Madagascar

AF Malawi AF Mali

Air Ivoire Air Djibouti Eritrean Airlines Ethiopian Airlines Air Gabon Air Gabon International Gambia International Airlines Ghana Airways Ghana International Airlines Air Guinee Air Bissau (TAGB Transportes Aereos da Guinea-Bissau) Kencargo Airlines Kenya Airways Air Lesotho Air Madagascar Transports & Travaux Aeriens de Madagascar Air Malawi Air Mali

100.00% 100% TAAG Angola Airlines 100.00% 100% Sonangol State Corporation 100.00% 100% Government 100.00% 100% Government

10.00% 10% Government 100.00% 100% Government

96.43% 96.4% Government 100.00% 100% Government

98.00% 98% Government 25.00% 25% Government 100.00% 100% Government 60.00% 60% Government 66.00% 66% Government 80.00% 80% Government 70.40% 70.4% 11 States (Cote d'Ivoire, Togo, Benin, Mali, Niger,

Mauritania, Senegal, Central African Republic, Burkino Faso, Chad and Congo) 23.60% 23.6% Government 62.50% 62.5% Government 100.00% 100% Government 100.00% 100% Government 80.00% 80% Government 49.00% 49% Government 99.00% 99% Government 100.00% 100% Government 70.00% 70% Government 100.00% 100% Government 100.00% 100% Government

13.80% 60% Kenya Airways* 22.00% 22% Government 20.00% 20% Government 89.58% 89.6% Government 40.58% 45.3% Air Madagascar*

100.00% 100% Government 12.00% 12% Government

Formed

1987 1998 1938 1969 1967 1971 1971 1958 1966 2004 1975 2004 1965 1961 1961

Ceased operations

Governmental shares

decreased (=0)

Governmental shares

decreased (below 50%)

Governmental shares

decreased (=/above 50%)

Governmental shares

increased or added

2002

1998

1999 1995 2002

2001 1994

1960 1971 1991 1945 1951 2005 1996 1958 2004 1960 1975

2001 1977 1970 1962 1951

1964 1993

1991

2006

2004

1999 2004 1999 2002 2003

2001

2000

1996 1997

1997

2001

Page 1 of 14

Area

Country/Region

Airline

Total governmental

shares

Governmental shareholders

Formed

AF Mauritania AF Mauritania AF Mauritius

Air Mauritanie Mauritanie Airways Air Mauritius

AF Mozambique

AF Namibia AF Namibia AF Nigeria

LAM Mozambique Airlines (Linhas Aereas de Mocambique) Air Namibia Kalahari Express Airlines Ecoair

AF Nigeria

Nigeria Airways

AF Reunion [France]

Air Austral

AF Reunion [France]

Air Bourbon

AF Rwanda

Alliance Air Express

AF Rwanda

Rwanda Air Express

AF Sao Tome and Principe

Air Sao Tome & Principe

AF Senegal

Air Senegal International

AF Seychelles

Air Seychelles

AF Somalia

Somalia Airlines

AF South Africa

Mango

AF South Africa

SA Express

AF South Africa

South African Airways

AF South Africa

Sunair

AF Swaziland

Airlink Swaziland

AF Swaziland

Royal Swazi National Airways

AF Tanzania, United Republic of Air Tanzania

AF Uganda

SA Alliance Airlines

AF Uganda

Uganda Airlines

AF Zambia

Zambia Airways

AF Zimbabwe

Affretair

AF Zimbabwe

Air Zimbabwe

AS Afghanistan

Ariana Afghan Airlines

AS Bangladesh

Biman Bangladesh Airlines

AS Bhutan

Druk Air (Royal Bhutan Airlines)

AS Brunei Darussalam

Royal Brunei Airlines

AS Cambodia AS Cambodia AS Cambodia

Air Cambodia Kampuchea Airlines (SK Air) Royal Air Cambodge

38.00% 38% Government 10.00% 10% Government 40.05% 8.37% Government, 4.72% SIC State Investment Corp, 51% Air

Mauritius Holding (owned by 37.46% Government, 15.41% SIC State Investment Corp) 80.00% 80% Government

25.00% 25% TransNamib Holdings 51.00% 51% Trans Namib 100.00% 100% 16 members of the Economic Community of West

African States (ECOWAS) 100.00% 100% Government

37.72% 37.7% Reunion Regional and General Council - SEMATRA ** **% Government

51.00% 51% Government 77.00% 77% Government 35.00% 35% Government 49.00% 49% Government 100.00% 100% Seychelles National Investment Corp 100.00% 100% Government 95.00% 100% South African Airways* 100.00% 100% Transnet 95.00% 95% Transnet

0.00% 60.00% 60% Government 50.00% 50% Government 100.00% 100% Government 60.00% 30% Tanzania Government, 30% Uganda Government 100.00% 100% Government 100.00% 100% Zambia Industrial & Mining Corp. 100.00% 100% Government 100.00% 100% Government 100.00% 100% Government 100.00% 100% Government 100.00% 100% Ministry of Finance 100.00% 100% Prime Minister Corp (owned by members of the Sultan of

Brunei's family) 41.00% 41% Government 51.00% 51% Government 60.00% 60% Government

1962 2007 1967

1936

1946 1997 2000

1958 1974 2002 1993 2003 1993 1971 1977 1964 2006 1993 1934 1979 1999 1958 1977 1994 1976 1967 1964 1967 1957 1972 1981 1974

2002 1997 1994

Ceased operations

2007

Governmental shares

decreased (=0)

Governmental shares

decreased (below 50%)

2000

2000

Governmental shares

decreased (=/above 50%)

Governmental shares

increased or added

2006

2008

2000 2000

2003

2004 2002

2002

1998

1991

1999

1999

1999

2000 2000 1994 2000

1997

1999

1997 2002

2002 2006

2001

Page 2 of 14

Area

Country/Region

AS China

AS China AS China AS China AS China AS China AS China

AS China AS China

AS China AS China AS China

AS China AS China AS China AS China AS China AS China AS China AS China AS China AS China

AS China AS China AS China

AS China

AS China AS China

Airline

Total governmental

shares

Governmental shareholders

Formed

Air China

Air China Cargo Air China Southwest Air China Zhejiang Air Great Wall Beiya Airlines Changan Airlines

China Cargo Airlines China Eastern Airlines

China Eastern Airlines Jiangsu

China Eastern Airlines Northwest

53.10% 40.4% China National Aviation Holding (CNAH) Company, 11.27% China National Aviation Corp Group (CNACG)

51.08% 51% Air China*, 24% Beijing Capital Airport Holding Company 100.00% 100% China National Aviation Holding (CNAH) Company 100.00% 100% China National Aviation Holding (CNAH) Company

68.22% 100% China Eastern Airlines* 100.00% 100% China Northern Airlines

13.84% 13.84% Changan Aviation Industrial Company (Ministry of Aeronautical Industries, Shaanxi Aircraft Co, Shaanxi Province and Xian Aircraft Co)

49.48% 70% China Eastern Airlines* 70.69% 59.67% China Eastern Airlines (CEA) Holding, 12.07% China

National Aviation Holding Company (CNAH) (in H shares)

68.22% 62.56% China Eastern Airlines*, 24% Jiangsu Provincial Guoxin Asset Management Group Co. Ltd

100.00% 100% China Eastern Airlines (CEA) Holding

1988

2003 1987 1990 1992 1994 1992

1998 1988

1993

1989

China Eastern Airlines Wuhan

China Eastern Airlines Yunnan China General Aviation Corp China National Aviation (CNAC) China Northern Airlines China Postal Airlines China Southern Airlines China United Airlines China Xinhua Airlines China Xinjiang Airlines Civil Aviation Administration of China (CAAC) Great Wall Airlines Guangxi Airlines Guizhou Airlines

Hainan Airlines

Nanjing Airlines Shandong Airlines

69.86% 96% China Eastern Airlines*, 2% Wuhan Government's Stateowned Assets Supervision and Administration Commission (SASAC)

100.00% 100% China Eastern Airlines (CEA) Holding 70.69% 100% China Eastern Airlines* 53.10% 100% Air China*

100.00% 100% China Southern Air Holding Company 75.65% 51% China State Postal Bureau, 49% China Southern Airlines* 50.30% 50.3% China Southern Air Holding Company 46.12% 80% Shanghai Airlines* 40.00% 40% Shen Hua Group

100.00% 100% China Southern Air Holding Company 100.00% 100% State Council

51.00% 51% Beijing Aerospace Satellite Applications 43.81% 95% China Southern Airlines* 67.67% 40% Guizhou Xiangfei Industrial Co. Ltd. (part of the local

Government), 60% China Southern Airlines* 53.67% 53.67% Grand China Airlines Holding Co (controlled by the

investment arm of Hainan Province Government and its affiliates) 74.58% 20% Nanjing Government, 80% China Eastern Airlines* 54.11% 42% Shandong Aviation Group (in which Air China owns 48%), 22.8% Air China*

1986

1992 1989 xxxx 1990 1996 1988 1986 1992 1985 1949

2005 1999 1991

1989

1994 1994

Ceased operations

Governmental shares

decreased (=0)

Governmental shares

decreased (below 50%)

Governmental shares

decreased (=/above 50%)

2004, 2006

Governmental shares

increased or added

2003 2005 2002 2003

2003

2005

2005 1998 2004

2004 1988

2005

1997, 2007

2004

2004 2000

1997

2002 1997, 2003

1996

1998 1993

2000

Page 3 of 14

Area

Country/Region

Airline

AS China

Shanghai Airlines

AS China AS China AS China

Shantou Airlines Shenzhen Airlines Sichuan Airlnes

AS China AS China AS China AS India

Xiamen Airlines Zhongyuan Airlines Zhuhai Airlines Air India

AS India AS India AS India AS India

Air India Express Alliance Air Bengal Air Services Indian Airlines

AS India AS Indonesia AS Indonesia AS Indonesia AS Indonesia AS Japan AS Japan

SGS Airlines Citilink Garuda Indonesia Merpati Nusantara Airlines Pelita Air Service Air Hokkaido Amakusa Airlines

AS Japan AS Japan AS Japan AS Japan AS Korea, Democratic People's

Republic of AS Korea, Republic of AS Korea, Republic of AS Lao, People's Democratic

Republic AS Macao SAR [China] AS Malaysia

Hokkaido Air System Japan Air Commuter Japan Airlines International Ryukyu Air Commuter Air Koryo

Jeju Air Korean Air Lao Airlines

Air Macau Malaysia Airlines

AS Malaysia AS Malaysia

MASwings Pelangi Air

Total governmental

shares

Governmental shareholders

Formed

68.49% 57.65% Shanghai City Government (through 40.66% Alliance Investment Company, 16.99% Company it owns), 14.65% Bank of China*

27.67% 60% China Southern Airlines* 13.28% 25% Air China* 70.25% 40% Sichuan Airline Group (owned by Sichuan Provincial Asset

Management), 39% China Southern Airlines*, 10% Shandong Airlines*, 10% Shanghai Airlines* 27.67% 60% China Southern Airlines* 100.00% 100% SA Group 27.67% 60% China Southern Airlines* 100.00% 100% National Aviation Company of India Limited (100% Government) 100.00% 100% Air India 100.00% 100% Indian Airlines 50.00% 50% West Bengal State Government 100.00% 100% National Aviation Company of India Limited (100% Government) 50.00% 50% State of Uttar Pradesh 100.00% 100% Garuda Indonesia 100.00% 100% Government 100.00% 93.2% Government, 6.8% Garuda Indonesia 100.00% 100% Pertamina - National Oil Corporation 20.00% 20% Hokkaido Prefecture 80.00% 53% Kumamoto Prefecture, 27% Amakusa Municipal Government 49.00% 49% Hokkaido Prefecture 40.00% 40% 14 Municipalities of Amami Islands in Kagoshima 0.00% 5.10% 5.1% Okinawa Prefecture 100.00% 100% Government

1985

1993 1993 1986

1984 1986 1995 1932

2004 1996 1996 1953

1995 2001 1949 1962 1963 1994 1998

1997 1983 1951 1985 1954

25.00% 25% Jeju Province 0.00%

100.00% 100% Government

2006 1962 1976

5.00% 5% Macau Government 78.14% 69.3% Penerbangan Malaysia Berhad, 4.42% State Financial

Secretary Sarawak, 4.42% Warisan Harta Sabah 78.14% 100% Malaysia Airlines*

** **% Government

1994 1937

2007 1987

Ceased operations

Governmental shares

decreased (=0)

Governmental shares

decreased (below 50%)

Governmental shares

decreased (=/above 50%)

2002

Governmental shares

increased or added

2000

2002

2000

2006

1987

1969 2001

1990 1994

1985

1998 2000

Page 4 of 14

Area

Country/Region

AS Maldives AS Maldives AS Mongolia AS Myanmar AS Myanmar AS Myanmar AS Myanmar AS Myanmar AS Nepal AS Pakistan AS Pakistan AS Philippines AS Philippines

AS Singapore AS Singapore

AS Singapore AS Singapore AS Sri Lanka AS Taiwan, Province of China AS Taiwan, Province of China AS Thailand

AS Thailand

AS Viet Nam AS Viet Nam AS Viet Nam EE Albania EE Albania EE Armenia EE Azerbaijan EE Azerbaijan EE Belarus EE Belarus EE Bosnia-Herzegovina

Airline

Air Maldives Island Aviation Services MIAT Mongolian Airlines Air Mandalay Myanma Airways Myanmar Airways International United Myanmar Airways Yangon Airways Royal Nepal Airlines Pakistan International Airlines Shaheen Air International Pacific East Asia Cargo Philippine Airlines

Jetstar Asia Singapore Airlines

Tiger Airways ValuAir Srilankan Airlines China Airlines Mandarin Airlines Nok Air

Thai Airways International

Jetstar Pacific Vietnam Air Service Company Vietnam Airlines Ada Air Albanian Airline Armenian Airlines AZAL Avia Cargo Azerbaijan Airline BELAVIA Belarussian Airlines Trans Avia Export Cargo Air Bosna

Total governmental

shares

Governmental shareholders

Formed

51.00% 51% Government 100.00% 100% Government 100.00% 100% Government

40.00% 40% Myanma Airways 100.00% 100% Government

40.00% 40% Myanmar Ministry of Transport (through Myanma Airways) 51.00% 51% Myanma Airways 51.00% 51% Myanma Airways 100.00% 100% Government 82.00% 82% Government 70.00% 70% Pakistan Air Force 80.00% 80% Philippine Aerospace Development Corp

4.26% 4.3% Government (through Land Bank of the Philippines, Development Bank of the Philippines, Retirement Separation Benefits System of the Armed Forces of the Philippines)

30.90% 30.9% Temasek Holdings (in Orangestar) 56.76% 56.76% Temasek Holdings, One special golden share for

Ministry of Finance 11.00% 49% Singapore Airlines*, 11% Temasek Holdings 30.90% 30.9% Temasek Holdings (in Orangestar) 51.05% 51.1% Government 70.50% 70.5% China Aviation Development Foundation 63.49% 90.05% China Airlines* 44.08% 39% Thai Airways Internationa*, 10% Government Pension

Fund, 6% Crown Property Bureau 72.00% 53.76% Ministry of Finance, 9.12% Vayupak Fund 1 by MFC

Asset Management, 9.12% Vayupak Fund 1 by Krung Thai Asset Management 74.00% 74% State Capital Investment Corp (SCIC) 100.00% 100% Vietnam Airlines 100.00% 100% Government 0.00% 0.00% 100.00% 100% Main Department of Civil Aviation 100.00% 100% Azerbaijan Airline 100.00% 100% Azerbaijan CAD 100.00% 100% Government 100.00% 100% three State-owned companies - Atlant, Gorizont and MAZ 100.00% 51% Government, 49% Energoinvest Holding - Energoair (state owned)

1974 2000 1956 1994 1948 1993 2003 1996 1958 1946 1991 1991 1941

2004 1972

2003 2003 1979 1959 1991 2004

1959

1991 1993 1951 1991 1992 1993 1996 1991 1996 1992 1994

Ceased operations

2000

Governmental shares

decreased (=0)

Governmental shares

decreased (below 50%)

Governmental shares

decreased (=/above 50%)

Governmental shares

increased or added

1999 2003

1992

2004

1995, 2002

1992, 1996, 1999

1985, 1987

1998, 2000 1993

1992 1995

1992, 2003 2007

2003

Page 5 of 14

Area

Country/Region

EE Bosnia-Herzegovina

EE Bosnia-Herzegovina (Republika Srpska)

EE Croatia

EE Georgia EE Kazakhstan EE Kazakhstan

EE Kazakhstan EE Kazakhstan EE Kyrgyzstan EE Moldova EE Montenegro EE Russian Federation EE Russian Federation

EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation

EE Russian Federation EE Russian Federation

EE Russian Federation

EE Russian Federation

EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation

EE Russian Federation

Airline

Total governmental

shares

Governmental shareholders

Formed

BH Airlines Air Srpska

100.00% 51% Government, 49% Energoinvest Holding - Energoair (state owned)

50.00% 50% Bosinian Serb Government

2005 1998

Croatia Airlines

Orbi Georgian Airways Air Astana Air Atyrau

Air Kazakhstan Euro-Asia Air Kyrgyzstan Airlines Air Moldova Montenegro Airlines Aerobratsk Aeroflot Russian Airlines

Aeroflot-Don Aeroflot-Nord Aerokuzbass Alrosa

Atlant Soyuz Airlines Atran (Aviatrans Cargo Airlines)

98.36% 94.76% Government, 2.15% State Agency for Deposit Insurance and Bank Rehabilitation, 1.45% Croatian Privatization Fund

** **% Government 51.00% 51% Government 100.00% 100% Euro-Asia Air (a subsidiary of the state petrolium

company Kaztransoil) 100.00% 100% Government 100.00% 100% Kaztransoil

81.00% 81% Government 100.00% 100% Government

99.20% 99.2% Government 0.00%

51.17% 51.2% Government (including 10% Carroll Trading SA, 10% Nimegan Trading)

26.20% 51% Aeroflot* 26.20% 51% Aeroflot*

0.00% 35.19% 51% Alrosa* (owned 37% Ministry for Property Relations and

32% Republic of Sakha) 25.00% 25% City of Moscow 25.00% 25% Government

1989

1991 2001 1999

1991 1997 1992 1992 1994 1967 1923

1993 1992 1991 1992

1993 1993

Aviaenergo

Avialesookhrana Vladimir Air Enterprise Baikal Airlines Bashkirian Airlines Bural Bykovo Avia Chelyabinsk Air Enterprise Chitaavia Daghestan Airlines Dalavia

Domodedovo Airlines

100.00% 100% Commercial transport section of the Russian State Energy Company

100.00% 100% Avialesookhrana (Fire Protection Agency of Federal Forest Service)

100.00% 100% Government 100.00% 100% State participation (Ufa Air Group of 6 airport authorities)

10.00% 10% Government 51.00% 51% Government 15.00% 15% Government

0.00% 100.00% 100% Government 100.00% 100% State Unitary Enterprise (under the control of Khabarovsk

regional administration) 50.00% 50% Government

1994

1992

1992 1992 1992 1992 1994 1991 1992 1953

1992

Ceased operations

Governmental shares

decreased (=0)

Governmental shares

decreased (below 50%)

Governmental shares

decreased (=/above 50%)

Governmental shares

increased or added

2003

1999 2004

2004 2002 1999

2000

2000 2005

1994 1994

2003

2002 xxxx

2001 2005

1999 2004

2004

1997 2001

Page 6 of 14

Area

Country/Region

Airline

EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation

EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Russian Federation EE Serbia EE Serbia EE Serbia (UN Interim

Administration Mission in Kosovo) EE Tajikistan EE Turkey EE Turkmenistan EE Ukraine EE Ukraine EE Ukraine EE Ukraine EE Ukraine EE Ukraine

Far Eastern Cargo Airlines Kaliningrad Air Khakassia Airlines KMV Kavkazskie Mineralnye Vody KrasAir Kuban Airlines MAVIAL Magadan Airlines Novosibirsk Air Enterprise Omsk Airlines Pulkovo Aviation Enterprise Rossiya Airlines S7 Airlines Samara Airlines Saravia SAT Sakhalin Airlines Tatarstan Airlines Transaero Tyumen Airlines Ural Airlines UTair Aviation Vladivostok Air Vnukovo Airlines Voronezhavia Vostok Aviation Company Aviogenex JAT Airways Air Prishtina

Tajikistan Airlines THY Turkish Airlines Turkmenistan Airlines Aerosvit Airlines Air Ukraine Air Urga Antonov Airlines Constanta Airlines Crimea Air KRYM

Total governmental

shares

Governmental shareholders

Formed

100.00% 100% State participation 0.00%

75.00% 75% Government 100.00% 100% Government

1992 1946 1993 1992

51.00% 51% Krasnoyarsk City Government 51.00% 51% Government 100.00% 100% State participation

0.00% 0.00% 100.00% 100% Government 100.00% 100% Government 25.50% 25.5% State Property Committee (with golden share) 46.49% 46.49% State Property Committee 50.90% 50.9% Federal Property Fund 100.00% 100% Government 100.00% 100% Tatarstan Government

** **% Moscow City Government 75.00% 51% Ministry of Property, 24% Federal Property Fund

0.00% 2.10% 2.1% Federal Government 51.00% 51% State Property Committee 0.00% 35.00% 35% Government 89.00% 51% Federal Property Fund, 38% Khabarovsk Krai Government 100.00% 100% Genex Holding Corporation 100.00% 51% Government, 49% Sate oil, post, insurance companies 100.00% 100% JAT Airways

1993 1992 1992 1995 1994 1992 1992 1992 1993 1992 1992 1992 1990 1992 1992 1991 1992 1993 1994 1945 1968 1947 1997

Ceased operations

2000

2003

Governmental shares

decreased (=0)

2002

Governmental shares

decreased (below 50%)

Governmental shares

decreased (=/above 50%)

1995

Governmental shares

increased or added

2006 2004

1993 1992

1997 2000

1997

2003 2001

2001 1995

1995 1998, 2004

1994

2000 1997

2004

100.00% 100% Government 46.43% 46.43% T.C. Privatization Administration

100.00% 100% Government 22.00% 22% State Property Fund of Ukraine

100.00% 100% Government 51.00% 51% State Flight Scademy of Ukraine

100.00% 100% Antonov Design Bureau 42.00% 42% Government

100.00% 100% Air Ukraine

1992 1933 1992 1994 1992 1993 1989 1994 1993

2004

2006

1990, 2004

Page 7 of 14

Area

Country/Region

Airline

EE Ukraine EE Ukraine EE Ukraine EE Ukraine EE Ukraine EE Ukraine EE Ukraine EE Ukraine EE Uzbekistan EU Austria EU Azores [Portugal] EU Azores [Portugal] EU Belgium EU Bulgaria EU Bulgaria EU Bulgaria EU Canaly Islands [Spain] EU Cyprus EU Cyprus EU Cyprus (Turkish Republic of

Northern Cyprus)

Dniproavia Kharkov Airlines Lugansk Aviation Enterprise Motor Sich Aviakompania Odessa Airlines Ukraine International Airlines Ukraine National Airlines Ukrainian Cargo Airways Uzbekistan Airways Austrian Airlines SATA Air Acores SATA International Sabena Balkan Bulgarian Airlines Bulgaria Air Hemus Air Binter Canarias Cyprus Airways Eurocypria Airlines Cyprus Turkish Airlines (Kibris Turk Hava Yollari, KTHY)

EU Czech Republic

CSA Czech Airlines

EU Denmark

Scandinavian Airlines Danmark

EU Estonia

Elk Airways

EU Estonia

Estonian Air

EU Faeroe Island

Atlantic Airways Faroe Islands

EU Finland

Finnair

EU Finland

Finnaviation

EU Finland

Karair

EU France

Air France

EU France

AOM French Airlines

EU France

CCM Airlines

EU France

Europe Airpost

EU Germany

Lufthansa

EU Germany (German Democratic Interflug Republic)

EU Greece

Macedonian Airlines

EU Greece

Olympic Airlines

Total governmental

shares

Governmental shareholders

100.00% 100% State Property Fund of Ukraine 100.00% 100% Government 100.00% 100% Government

61.10% 61% State Property Fund of Ukraine 100.00% 100% Government

61.60% 61.6% State Property Fund of Ukraine 100.00% 100% Government 100.00% 100% State Property Fund of Ukraine 100.00% 100% Government

39.70% 39.7% Austrian Industry Holding 100.00% 100% Government of Azores 100.00% 100% SATA Air Acores

33.94% 11.81% Government, 22.13% FIM Investment Company 20.10% 20.1% Government 100.00% 100% Government

0.00% 0.00% 69.62% 69.62% Government 100.00% 100% Government 50.00% 50% Cash Development of the Consolidated Fund of the

Assembly of the Cyprus Turkish Community (Konsolide Fonu Inkisaf Sandigi) 93.86% 56.43% National Property Fund, 34.49% State Consolidation Agency, 2.94% Prague City Government 50.00% 100% SAS* 35.00% 35% Government 34.00% 34% Government 100.00% 100% Government 59.48% 58.4% Government, 1.08% Public bodies 42.90% 60% Finnair* 69.07% 96.6% Finnair* 17.80% 17.8% Government in Air France-KLM 0.00% 60.30% 60.3% Collectivite Territoriare de Corse 100.00% 100% Groupe La Poste (French Post Office) 0.00% 100.00% 100% Government

100.00% 100% Olympic Airways 100.00% 100% Government

Page 8 of 14

Formed

1992 1998 1992 1984 1996 1992 1999 1997 1992 1957 1941 1998 1923 1947 2002 1986 1989 1947 1991 1974

Ceased operations

Governmental shares

decreased (=0)

Governmental shares

decreased (below 50%)

Governmental shares

decreased (=/above 50%)

Governmental shares

increased or added

2001

2001 2001

2003 2002

1996, 2000

1999

1988, 1989, 1990

1995 1999

2001

1992 2000

1923

2004 1992 1991 1987 1923 1950 1957 1933 1991 1989 1991 1926 1958

1992 1957

2001

1996 1996 2001

1991 2003

1999 1997

1996 2004 1994

1992

1994, 1997

1989 1999 1986

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