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Hitt og þetta 12. september 2006

Management changes: Magnus Stephensen appointed one of two CEO's of XL Leisure Group

Avion Group, a leading international transport solutions group, announces the following changes to the management subsidiary companies within XL Leisure Group with immediate effect:

Magnus Stephensen, Vice President of Business Development since Avion Group's inception, has been appointed deputy CEO of XL Leisure Group, joined by Phil Wyatt who will continue to be XL Leisure Group's CEO.

XL Leisure Group is a newly formed division of Avion Group, created from Avion's subsidiaries across three continents operating predonimantly from Europe, flying to over one hundred destinations.

XL Leisure Group consists of the following subsidiaries of Avion Group: Excel Airways Group in the UK, Star Airlines, the second largest charter airline in France and the newly established Star Europe in Germany. Additionally the division holds a 19% share in Xtra Airways and 5% share in Advent Air.

The Charter & Leisure division has grown rapidly over the last year through the acquisition of Star Airlines, the establishment of Star Europe in Germany and the launch of Excel Airways in Ireland.

XL Leisure Group will be operating in markets with a total population of over 205 million during the Summer 2007 schedule, flying from over 40 aircraft made up by eight Airbus and Boeing aircraft from Star Airlines, five Airbus aircraft from Star Europe, approximately 30 Boeing aircraft from Excel Airways Group and four Boeing aircraft in operation for Xtra Airways. XL Leisure Group's projected turnover for a whole financial year is expected to be approximately US$ two billion, through passenger numbers of approximately five million.

For further information:

Avion Group

Magnus Stephensen, VP Business Development +354 515 7700

Buchanan Communications

Suzanne Brocks +44 (0)20 7466 5000

XL Leisure Group XL Leisure Group consists of the following subsidiaries of Avion Group: Excel Airways Group in the Uk, Star Airlines, the second largest charter airline in France and the newly established Star Europe in Germany. Additionally the division holds a 19% share in Xtra Airways and 5% share in Advent Air.

Excel Airways Group is divided into two operational divisions, the Airline and Aviation division and Tour Operating division. Excel Airways Group is registered and headquartered in the UK with approximately 1,600 employees in its operations. Excel Airways is a leading UK charter airline providing services to over 50 charter destinations in Europe, the Middle East, Asia and North America from 12 airports in the UK.

Excel Airways Group has created a unique business model that minimises exposure to seasonal fluctuations in passenger seat sales and this model has now been expanded to continental Europe. Excel operates its fleet of aircraft as efficiently as possible by flexing total market capacity to demand. Excel Airways has been chosen the best charter airline in the world for 2004 and 2005 endorsing Excel's excellent product and service delivery at competitive prices to its many customers.

Star Airlines operates charter flights mainly to destinations in Africa, The Middle East, and the Mediterranean. Star Airlines operates scheduled flights, in addition to charter services to the Lebanon, Mali and Mexico. Star Airlines carried approximately 900,000 passengers in 2005.

Star Europe in Germany recently received its aircraft operating certificate 'AOC' after only three months - a process that normally takes between 12 and 18 months. Two Airbus 320 aircraft were scheduled to fly during Summer 2006. Due to an increase in demand, this was increased to four aircraft with additional aircraft planned over time. Initial Star Europe flights operated under the German airline, Germanwings. In addition Star Europe has signed a contract with TUI and has secured flights for many German tour operators and airlines.

Avion Group Avion Group is a global transportation solutions group founded on January 1, 2005. The company is organized into three business divisions -- Aviation Services, Charter & Leisure and Shipping & Logistics. Aviation Services consists of ACMI (Aircraft, Crew, Maintenance, Insurance) provider Air Atlanta Icelandic, maintenance provider Avia Technical Services and airport handling provider Southair. Charter & Leisure is represented by leisure service travel provider Excel Airways Group (UK), Star Airlines (France) and Star Europe (Germany). The Shipping and Logistics division is represented by Eimskip, the prime maritime transportation company in Iceland, with its fleet of approximately 36 ships. In addition to the vessels, there are currently approximately 60 Boeing and Airbus aircraft in the fleet. Avion Group employs close to 6,000 people at 110 operational bases worldwide.

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