Mr Dávid Reinert Hansen appointed CEO at Vagar Airport Ltd

The Board of Directors for Vagar Airport Ltd. has today appointed Mr Dávid Reinert Hansen as the company Managing Director. Mr Finnbogi Niclasen, who has been the CEO, while the airport remained as a public institution, will continue as a member of the management and will still be responsible for security issues in general and safety/security issues in and around the terminal building.

The Board of Directors for Vagar Airport Ltd have also decided to apply for a fiscal manager.

The Board of Directors for Vagar Airport Ltd have taken these decisions in recognition of the requirement to strengthen the Company management, as the preconditions for Company activities have been subjected to substantial change after the airport has been re-organised as an independent limited Company. The Company is about to embark upon preparations for the large expansion project for Vagar Airport, the establishment of a Tax-free sales area at the airport premises and so forth, says Mrs. Kitty May Ellefsen, Chairman of the Board of Directors.

Mr Dávid Reinert Hansen is 48 years old, and has as an engineer and former CEO for Vágatunnilin Ltd, Norðoyartunnilin Ltd and Skálafjarðatunnilin Ltd. extensive experience in organising and controlling large-scale building projects, and therefore the Board of Directors for Vagar Airport is very satisfied that Mr Hansen has accepted this new challenge.

Mr Dávid Reinert Hansen, has since the 24th. of July 2008 been a member of the Board of Directors for Vagar Airport, and he will renounce this post as soon as he begins his posting as CEO for the Company.

Questions relating to this press release can be directed to Mrs. Kitty May Ellefsen, Chairman of the Board, telph. +298 500 500.

Vagar Airport Ltd.

Board of Directors