Cimber Holdings enters into a strategic alliance with SAS

Cimber Holdings enters into a strategic alliance with SAS Cimber Air and SAS agree to further extend the close co-operation initiated in October 1995 by including SAS as a shareholder of Cimber Air A/S. By selling shares, Cimber Air intends to strengthen its position as a regional European airline company. Entering into close alliances is only a natural step in this direction. Based on the co- operation with its present partners Cimber Air´s strategy focuses on a continued development as an independent, consolidated, flexible and efficient regional European airline with good relations to leading market operators. "A closer co-operation between Cimber Air and SAS will promote our spheres of interests such as a domestic airline services within Denmark, and at the same time, improve Cimber Air´s opportunities on the regional growth market" says Mr. Jørgen Nielsen, Managing Director, and he continues : "The close co-operation with SAS on our concept of establishing almost hourly flights on the Danish domestic market has in the past two years confirmed that we make a good team and that we are capable of co-operating within these fields, each company contributing with its unique features. On the domestic market, Cimber Air has thus provided hourly flights. By using smaller aircraft at less congested hours and by being very cost effective and having an efficient operational profile, we can easily establish traffic between new city pairs and take over sectors which do not call for large jets, but which are an important element in providing options for the costumers". [REMOVED GRAPHICS] The company expects to be listed on the Copenhagen Stock Exchange within a number of years, e.g. in order to gain access to the capital market, thus forming a basis for continued growth. In this connection, the company contemplates an employee share option scheme. As today Cimber Air will be managed from its head office in Sønderborg. The day-to-day management of Cimber Air A/S is conducted by Mr. Jørgen Nielsen, Managing Director, and Mr. Alex Dyrgaard, Financial Manager. [REMOVED GRAPHICS] Cimber Air is preparing the establishment of technical and operational facilities in Copenhagen. Cimber Air A/S was established in 1950 by Captain Ingolf L. Nielsen who died in 1995. Cimber Air has a fleet of 13 aircraft of the type ATR 42-300 and -500. Cimber Air employs approx. 260 people. In the financial year of 1996/1997 Cimber Air made a profit of DKK 34.3m. The annual turnover was DKK 428m. In addition to Danish domestic flights between Copenhagen and Soenderborg, Karup, Aalborg and Aarhus, Cimber Air operates domestic flights in Germany in co-operation with Lufthansa. Furthermore, Cimber Air has international flights to Germany and France, and in weekends serial charter flights. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net