Antonov plc (the “Company” or “Antonov”) announces its unaudited financial results for the nine months ended 30th September 2003.

Highlights

Commercial

· Discussions with both auto-makers and Tier 1 gearbox manufacturers at the Frankfurt Motor Show confirmed that the Company’s AAD automatic gearbox is a serious and realistic alternative to manual gearboxes in mass-produced small cars.

· Design of the fifth generation of the AAD 6-speed transmission was completed, encompassing all of the modifications and improvements most desired by auto- makers.

· Asian market potential for the 4-speed AAD has become far more apparent and immediate, with production decisions expected in the foreseeable future.

· Internal reorganisation to focus the Company’s resources on the commercialisation of the AAD has been largely completed.

Financials

· Unaudited loss before tax of £1.69m (2002: £1.46m), resulting in a loss per share of 1.6p (2002: 1.5p).

· Cash balances at 30 September 2003 amounted to £429,000. This amount is expected to be sufficient to cover budgeted working capital requirements until the year-end.

· The Company successfully completed an interim fund raising exercise in November 2003, after the current reporting period, raising Euro 1.25m (approximately £875,000).