Luxembourg, 25 January 2012. Cargolux Airlines International S.A and trade unions OGB-L and LCGB today announced that they have formally concluded and signed an extension agreement of the Collective Work Agreement (CWA).

The extension of the terms and conditions of the above CWA applies retroactively from 1 January, 2011 and expires on 31 December of the present year. In addition, the parties have signed a second agreement on measures that are required to support and strengthen a comprehensive company-wide action plan after a difficult year 2011 and in the face of challenging conditions in the air cargo markets.

It has been agreed to establish a Follow-up Committee that will monitor the situation of the company and meet on a regular basis in order to review and discuss additional measures to be implemented in the event of a further deterioration of the economic environment in 2012.

About Cargolux Airlines International

Cargolux, based in Luxembourg, is Europe’s largest all-cargo airline and launch customer for the new generation Boeing 747-8 freighter airplane. The Company operates a modern fleet of 2 Boeing 747-8 cargo aircraft and 13 Boeing 747-400 freighters. Its worldwide network covers 90 destinations, 60 of which are served on scheduled all-cargo flights. The Company has more than 85 offices in over 50 countries, and also offers an extensive trucking network to more than 180 destinations worldwide, as well as charter and aircraft maintenance services. Cargolux employs nearly 1,500 staff worldwide.