Trading update GWM Option Agreement

6/30/2006, 5:50 PM (Source: GlobeNewswire)

30 June 2006

In January, it was announced that Great Wall Motor Company Limited
("GWM") had entered into a six month Option Agreement to take up a
Licence for Antonov's six speed automatic gearbox. However, the
parties have not yet been able to achieve the level of information
required by GWM's stringent risk management procedures and as a
result, the production programme at GWM has been halted.

Antonov is continuing to work to address the outstanding issues,
primarily key supplier costs, lead times and production investment
levels. As a result, the Company will resubmit a detailed production
plan, which fulfils GWM's risk management requirements, in
September. In order to facilitate this process, Antonov has extended
the term of the Option Agreement to 30th September 2006. It is
expected that, following the current reassessment, the Company will
be able to provide a further update at that time.

As a result of the above delays, the Company will not now achieve the
market's expectation of Euro 2m revenue for the year ended December


Antonov plc
John Moore, Chief Executive 01223 421 740

Dawnay, Day Corporate Finance Limited
David Rae 020 7509 4570

Shane Dolan 020 7448 1000

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