Atlantic Airways P/F - Fyrirtækjafréttir

- Closing for orders above 20,000 shares in Atlantic Airways, but investors subscribing less than 20,000 can still participate in the offering

With reference to the prospectus published the 14 November 2007, where the
first possibility closing of the subscription period for each tranche is
displayed, it has been decided to close for subscriptions for more than 20,000
shares in Atlantic Airways. 

Prior to the offering 155,250 shares were allocated to investors willing to
order minimum 20,000 shares in Atlantic Airways. These shares were sold on the
first day of the subscription period. It has therefore been decided to close
for further subscriptions in this trance. The subscription period for investors
ordering less than 20,000 shares continues, but can be closed prior to 27
November. 

The outcome of the share offering will be announced through OMX Nordic Exchange
Iceland  at latest on 28 November 2007. The outcome of the offering includes
the fixed price determined in the bookbuilding process and the total
subscription in each tranche. Atlantic Airways is expected to be listed on OMX
Nordic Exchange Iceland on 10 December 2007 if the listing requirement are
fulfilled which will then be the earliest date on which the shares will be
admitted to trading on the Icelandic stock exchange. The prospectus can be
obtained on the websites www.atlantic.fo, www.kaupthing.net, www.kbbanki.is and
www.kaupthing.fo.