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News Release Wednesday 29 October 2008 SWEDEN’S WEST AIR EUROPE AND UK’s ATLANTIC AIRLINES WILL MERGE TO FORM EUROPE’S LARGEST REGIONAL AIR CARGO CARRIER West Air Europe of Gothenburg (Sweden) and Atlantic Airlines of Coventry (UK) – two of Europe’s most experienced regional air cargo airlines – are to merge to form West Atlantic, creating Europe’s largest all cargo regional carrier. The owners of both privately-owned companies will exchange shareholdings to create the new entity, which will have its administrative headquarters in Gothenburg. West Atlantic will have a combined annual turnover of some €125 million, will employ some 500 people, and have a fleet of 41 BAE Systems 8-tonne ATP Freighters, one ATR-72 also of 8-tonne capacity, six 15-tonne Lockheed Electra and two 7-tonne capacity Bombardier CRJ200PF. The board of West Atlantic consists of: Chairman Göran Berglund Chief Executive Officer Gustaf Thureborn Managing Director Tony Auld Sales & Operations Director Russell Ladkin Non-Executive Director Jörgen Arnemar Atlantic Airlines, West Air Sweden and West Air Luxembourg of the West Air Europe holding company will continue to trade separately as at present, although under the merged ownership certain key services such as maintenance will be organised centrally. The airlines are independently very solid and although operating exclusively in the European feeder air cargo sector, they are nevertheless very complementary. The West Air Europe airlines are very strong in the Scandinavian postal markets, whilst Atlantic Airlines matches this strength in the UK postal sector and the containerised conveyance of cargo. Both sets of airlines already work extensively for the Integrator & Express sector, but with different customers. /continued Announcing the formation of West Atlantic today, Gustaf Thureborn said: “We have joined forces to create this major new business as we wish to be the finest provider of efficient, cost-effective and reliable regional cargo airline services in Europe. Whilst the merger will create opportunities for spreading our risks and achieving efficiencies through economies of scale, we look forward to becoming an even more effective and reliable supplier to our customers.” Russell Ladkin, Sales & Operations Director, added that the total focus on the regional airfreight market in Europe would continue. He said: “We are enjoying complementary strengths in the management team and are very fortunate to have the quality of staff needed to achieve our objectives.” Apart from its Gothenburg headquarters, West Atlantic will continue to operate from its overhaul and maintenance facility in Sweden, the recently-acquired European Aviation Maintenance at Ronaldsway on the Isle of Man and the Coventry base where Atlantic Airlines has its operations and maintenance facility. Both sets of airlines have been in business for many years and have great expertise in the European regional freight market. Atlantic Airlines was an MBO from the Air Atlantique Group itself established in 1969. West Air Sweden started flying in 1962, commenced cargo operations in 1991 and undertook a major expansion into Swedish overnight mail services in 1996 and similarly in Norway in 2006. West Air Luxembourg commenced operations in 2003 and operates nine of the West Air Europe aircraft, mainly on integrator contracts. Ends Left to right on the attached photograph are: Russell Ladkin, Tony Auld, Gustaf Thureborn, Göran Berglund For further information please contact: Russell Ladkin + 44 (0) 7733 100457 [email protected] Or Malcolm Ginsberg + 44 (0) 7973 210631 [email protected] .

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