Announcement from P/f Atlantic Airways Result of Annual General Meeting on 25 March 2010 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 2009. 3. The audited Annual report was presented and approved by the General Meeting. 4. As recommended no dividend was paid out and the result was transferred to the following year. 5. The proposed amendments to the Articles of Association of the Company were approved. Article 5 is now as follows: “At the earliest 28 days and at the latest 14 days prior to the general meeting, the Board of Directors gives notice of the general meeting with specification of time, place and agenda. The notice shall be in writing to each shareholder to the address latest registered in the share register, or by announcement in a Faroese public gazette. The notice may be given by e-mail and it is the responsibility of the shareholders to ensure that the management of the company has a valid e-mail address.” Article 6, no. 2 is now as follows: “Presentation of audited annual report for approval.” Article 10, paragraph 1, last sentence, is now as follows: “A written authority to vote by proxy cannot be given for a period longer than 12 months. A proxy to the Board of Directors can only be given for a specific general meeting with a beforehand known agenda.” Article 15, paragraph 1, is now as follows: “The Board of Directors consists of 4 members appointed by the General Meeting. The Board of Directors is supplemented by members required by legislation.” Article 15, paragraph 5, is now as follows: “If a member retires from the Board of Directors in the mandate period the Board of Directors will call for a extraordinary general meeting within 4 weeks for the election of a new member for the remaining of the mandate period. The Board of Directors may - if the Board can form a quorum - postpone the question of the election of a new member to the following annual meeting.” Article 17, first sentence, is now as follows: “In order to form a quorum a majority of the Board members must be present at the meeting.” Article 18, paragraph 2, is now as follows: “Minutes of the board meetings are kept and are signed by all participants. A participant, who does not agree with a decision of the Board of Directors, may have his opinion written in the minutes.” Article 19, second sentence, is now as follows: “The accountant must be authorized.” Article 21 is now as follows: “Auditing of the annual report is performed by the accountant elected by on General Meeting.” 6. The members of the Board of Directors to be elected by the General Meeting were re-elected apart from Petur Eiriksson who did not stand for re-election. In his place Tezz Tordsdotter Ohlsson was elected. Education: University education in various business subjects Principal occupation: CEO of Svenska Direktflyg AB Date of first election to the Board: 25 March 2010 7. As proposed it was decided to re-elect P/f NOTA løggilt grannskoðaravirki, Hoyvíksvegur 5, 100 Tórshavn, as auditors for the period until next Annual General Meeting. 8. The following issues were discussed without voting: Public statements made by the majority shareholder that Atlantic Airways is too expensive and that more competition is needed. The relationship between the Airline and the Airport Authority, and the potential for conflict of interest as the majority shareholder diverts money from the airline to other majority state-owned organisations. What effect would shareholder litigation have on the airline were it to occur. What is the Board's vision for the airline? How does this match with the majority shareholder's wishes?