Statement regarding the effects of the situation on financial markets on issuers

Atlantic Airways Stock Exchange Announcement 25/2008


Statement regarding the effects of the situation on financial markets on
issuers. 

The Financial Supervisory Authority on Iceland (FME) has requested every
issuers of shares on NASDAQ OMX Iceland to make public a statement regarding
the effects of the sitaution on financial markets on issuers. 

The reduced exchange rate of the Icelandic Krona is not expected to have any
significant impact on Atlantic Airways P/F due to the facts that revenues and
costs are are mainly in DKK, Euro and USD. As a whole the financial situation
in Iceland has very little impact on the company. 

The company has acted upon the potential future slowing of economic growth and
hiking fuel prices by implementing several rationalization measures such as
adjusting capacity to increase load factor, adjusting price levels to even out
some of the extra costs, lowering operational costs and focusing on a healty
cash flow. 

As a consequence of the turmoil on the financial markets, Atlantic Airways P/F
has recognised a negative effect of non-realised market valuations of shares
held by the company. However the company still maintains its profit estimate
for the full year 2008 as announced in the Annual Report 2007. The general
trends in the economic climate in Europe and the Nordic countries will have an
impact on the company's outlook for 2009. 

Further details about the recent development of the company are to be found in
Supplement dated 27 October 2008 to the Prospectus dated 9 November 2007. 

Atlantic Airways will publish its Q3 statement on November 20th.

Atlantic Airways was established in 1987 and has grown steadily since then.
Operations started cautiously in March 1988, with a single aircraft and just
one route, between the Faroe Islands and Copenhagen. Atlantic Airways has
gradually expanded and established new income streams, ensuring the company a
stable economic base. The main activity consists of scheduled service with
Faroes as a cornerstone, charter operations in Europe and helicopter operations
in Faroese and North Sea waters. Atlantic Airways currently operates seven jet
aircrafts and four medium size helicopters. 

For further information contact:
Magni Arge, CEO, tel +298 213700- magni@atlantic.fo
Marius Davidsen, CFO, +298 213703 - marius@atlantic.fo