Cargo airline NGA’s operations will discontinue


Finnair Plc          Stock Exchange Release               8 May 2015      at
4:00 p.m.  EET

The Board of Directors of Finnair's associated company Nordic Global Airlines
Ltd (NGA) has decided to discontinue NGA's operations by 31.05.2015. The
termination of the operations has no material impact on Finnair's cargo
business, or Finnair's financial position.
NGA, focused on cargo freighter operations, was founded in 2011. Since then NGA
grew to fly main-deck cargo in four continents with its low-cost and thin
-organization model, but with overcapacity in the sector and depressed freight
pricing, the cargo airline’s decision to cease operations was unavoidable.

Finnair Cargo Oy owns 40 per cent of the company, and other shareholders are
Neff Capital Management LLC, Daken Capital Partners LLC and the Mutual Pension
Insurance Company Ilmarinen.
Between 2011 and 2014, Finnair leased freighter capacity from NGA for its mainly
Asian cargo traffic. Finnair's belly cargo capacity will increase significantly
in the coming years, when new A350 aircraft join Finnair’s fleet. Finnair has
decided to focus in future on cargo carried in the cargo holds of passenger
aircraft and discontinued separate cargo freighter operations at the end of
2014.
Further information:
Finnair communications, tel. +358 9 818 4020, comms(a)finnair.com

Distribution:
Nasdaq Helsinki
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