Avio : VEGA VV15 VIDEO FROM CEO GIULIO RANZO

Colleferro, 11th of July 2019 - Concerning the Vega Flight VV15, Giulio Ranzo, CEO of Avio, has addressed employees, institutional stakeholders and investors through a video available on Avio's institutional website: http://www.avio.com/en/news-en/vega-flight-vv15-giulio-ranzo-ceo-of-avio/

For the sake of completeness, the transcript of the video follows below:

"Dear customers, partners and investors,

Last night a Vega launch has unfortunately ended in failure two minutes after lift-off. At present the cause of the anomaly is still unknown and under investigation. The event occurred after 14 consecutive successes since the maiden flight, reminding us that unfortunately no technological complex system can be entirely fail-proof at 100%. In our endeavor to conquer space, failures are unfortunately part of the experience.

We are now analyzing the event with an Inquiry Commission co-led by ESA and Arianespace with participation of Avio and CNES. This team brings a unique collective expertise developed in over 50 years of experience to analyze in detail all potential root causes, identify the relevant ones and apply the right solutions.

In the nature of this business and complex systems, which involve both launcher and ground systems, it is unwise to provide intermediate answers or progress reports on analyses or hypotheses. As a consequence, we will share information with you as quickly as we can but only once the full investigation is complete.

As employees and shareholders we share the disappointment and we apologize with you for such an unexpected event. Rest assured that the whole Avio team, together with ESA, Arianespace and CNES is working professionally to overcome the failure.

We will come back very soon, stronger than before. The interest of our customers and investors is our priority and we will work hard to secure the exciting future we have ahead of us."

Giulio Ranzo, CEO of Avio S.p.A.

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About Avio

Avio is a leading international group engaged in the construction and development of space launchers and solid and liquid propulsion systems for space travel. The experience and knowhow built up over more than 50 years puts Avio at the cutting-edge of the space launcher sector, solid, liquid and cryogenic propulsion and tactical propulsion. Avio operates in Italy, France and French Guyana with 5 facilities, employing approx. 1,000 highly-qualified personnel, of which approx. 30% involved in research and development. Avio is a prime contractor for the Vega programme and a sub-contractor for the Ariane programme, both financed by the

European Space Agency ("ESA"), placing Italy among the limited number of countries capable of producing a

complete spacecraft.