Cargolux Further Reduces Fuel Surcharge

Luxembourg, 23 April 2003 - Cargolux announces a further reduction of its fuel surcharge by 5 cents from € 0.15 to € 0.10 per kg, or equivalent in local currency, based on actual freight weight. The reduction will be effective as of 5 May 2003.

On 26 March 2003, Cargolux had adjusted its fuel surcharge to € 0.20 as an inevitable step in a dramatic fuel cost environment. Effective 18 April 2003, in line with the development of crude oil and jet fuel prices, this fuel surcharge was lowered to € 0.15.

Today’s announced reduction of 5 cents is in line with the recent favorable evolution of fuel costs and the resulting lowered pressure on its cost structure, allowing Cargolux to apply this reduction as of 5 May 2003.

The adjusted fuel surcharge of € 0.10 per kilo will be implemented across the Cargolux network according to local legislation.

Cargolux, based in Luxembourg, is Europe’s largest all-cargo airline, operating a modern fleet of 12 B747-400 freighters on a worldwide network, covering 91 destinations, 50 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 50 destinations in Europe and the US, as well as charter and aircraft maintenance services. Cargolux employs more than 1300 staff worldwide.