Announcement concerning the consequences of Sterling's bankruptcy

Stock Exchange Announcement number 11/2008
Copenhagen, 11 November 2008


On 29 October 2008 Copenhagen Airports A/S (CPH) released an addendum to its Q3
2008 interim report noting the bankruptcy filing of Sterling Airlines. CPH has
now had the opportunity to further analyse the financial and operational
impact. Sterling Airlines has historically accounted for approximately 10% of
CPH's annual traffic. 

Alternative carriers already serve routes accounting for over 80% of Sterling's
passengers, and in most cases Sterling's market share on these routes was well
below half. 

Other airlines have responded quickly, demonstrating the attractiveness of
CPH's facilities and catchment area.  Norwegian Air Shuttle has announced its
intention to establish a base at Copenhagen Airport and from Wednesday will be
serving 6 routes with further routes planned in the future, and Transavia has
announced a base at Copenhagen Airport and from 8 December 2008 will fly 10
routes. Several other airlines have announced new services or larger aircrafts.
In aggregate the expected new services replace more than 80% of Sterling's
previous capacity from early next year. 

CPH now believes that the likely impact on 2008 of the bankruptcy of Sterling
will be a reduction of between 0.5% and 1.0% in annual departing passengers and
a reduction in profit before tax of DKK 50 million to DKK 60 million (including
the impact of reduced traffic and an accounting provision for debts outstanding
from Sterling). CPH continues to seek to mitigate the impact further and is
holding constructive talks with several airlines to replace the remaining
capacity over time. 



COPENHAGEN AIRPORTS A/S