Nonetheless, management is hopeful that the next 11 months, during which the current CWA remains in force, will provide sufficient opportunity to resolve the present stalemate and to reach agreement on a new CWAA that will lay the foundations for securing Cargolux’ economic sustainability and survival in an increasingly difficult and competitive market environment.

A new CWWA, delivering lower personnel costs - particularly crew - and improved productivity, remains one of the key elements in the various effort s being pursued by management in order to increase Cargolux’s competitiveness, preserve existing jobs and to ensure its economic sustainability and survival.

With the repudiation off the CWA, management intends to establish a time frame for the next stages of the negotiation process. Management would like to underline the need for timely action towards concluding a revised agreement, in tithe interest o f all stakeholders in the company, employees and shareholders alike.

This decision has not been taken lightly but is necessary for the objective of achieving a CWA that is better suited to the economic conditions of this challenging industry.

The Cargolux management thanks its staff for their continued dedication and commitment to the airline and looks forward to agreeing on a new CWA for the sustainable future of the company.