Atlantic Airways P/F - Company Announcement

- The 33% of Atlantic Airways sold

In the period 19-27 November 2007 all  shares offered for sale in this first
privatisation round of Atlantic Airways were sold. The final price fixed on
basis of the bookbuilding process is DKK 261 per share corresponding to the
maximum price in the offered price range. 


In the period 19-27 november investors have had the opportunity to invest in
yet another Faroese company about to be listed on a stock exchange. 

Prior to the subscription period 155.250 shares were allocated to investors
willing to order minimum 20,000 shares in a bookbuilding process, 155,250
shares were allocated to investors ordering up to 20,000 shares and 31,050
shares were allocated to the employees of Atlantic Airways. Due to the fact
that the demand from the larger investors was greater than the demand from the
smaller investors the final allocation is as follows: 

•  180.959 shares corresponding to DKK 47.2 million were allocated investors
   ordering minimum 20,000 shares 
•  139.380 shares corresponding to DKK 36.4 million were allocated investors
   ordering up to 20,000 shares 
•  21.211 shares corresponding to DKK 5.5 million were allocated the employees
   of Atlantic Airways 

Only orders from investors ordering minimum 20,000 shares were reduced in
accordance with the rules described in the prospectus published 14 November
2007. Investors ordering up to 20,000 shares and the employees of Atlantic
Airways will be allocated the shares they subscribed for. 

On basis of the bookbuilding process the Ministry of Trade and Industry in
consultation with Kaupthing Bank has fixed the final share price at DKK 261 per
share corresponding to the maximum price in the offered price range. On basis
of the fixed share price the total value of Atlantic Airways share capital is
DKK 270 million. 

In the subscription period 1,370 investors have chosen to buy shares in the
Faroese airline company. Even though the offering was not marketed outside
Faroe Islands foreign investors are to be found both among the larger and
smaller investors. 

Total proceeds from the offering is DKK 89.1 million. Net proceeds deducted the
costs related to the offering will go to the Faroese Treasury. 

After the first 33% of Atlantic Airways has been sold  the minister of trade
and industry, Bjarni Djurholm, states: 

”We are pleased with that fact that the first step of the privatisation of
Atlantic Airways has been carried through. We believe the new sharesholders
will have a positive influence on the company and appreciate that so many of
Atlantic Airways employees chose to become shareholders in the company."