Announcement from P/f Atlantic Airways Result of Annual General Meeting on 3 April 2008 1. Djóni Thomassen was elected chairman of the General Meeting. 2. The Chairman of the Board presented the Board of Directors' statement of the company's activity during 2007. 3. The audited Annual Accounts were presented and approved by the General Meeting. 4. As proposed it was decided to pay out in total a dividend of DKK 6,000,000.00 to the shareholders of the company. 5. The Board of Directors were up for election. Christian Andreasen and Petur Eiriksson were re-elected together with Eyðfinnur Jacobsen. The Board of Directors decided that Christian Andreasen continues as Chairman of the Board and Eyðfinnur Jacobsen was elected by the Board as Second Chairman. 6. As proposed it was decided to re-elect P/f Grannskoðaravirkið Rasmussen & Weihe statsaut. revisorar, Hoyvíkvsvegur 5, 100 Tórshavn, as auditors for the period until next Annual General Meeting. 7. The proposed amendments to the Articles of Association of the Company were approved. A new § 3 A is as follows: In the period from 1 May 2008 to 31 October 2009 - the second date included in the period - the Board of Directors is authorized on behalf of the Company to buy own shares. The Board of Directors can at the most buy own shares for the face value of DKK 4,000,000.00 at an exchange rate that cannot deviate more than 10 per cent. § 10, first paragraph, is now as follows: Shareholders who according to the share register with a registered share can prove that they are a shareholder have admisson to and voting rights on the general meeting if the shareholder has requested admission tickets 5 days before at the latest. Apart from the amendment to the first paragraph § 10 remained unchanged. 8. The proposed amendment to the Articles of Association of the Company was approved. A new § 15(3) is as follows: Guidelines are made for incentive based payment to the Board of Directors and the Management. The guidelines will be published on the Company's website.