The decision to step aside as CEO has jointly been reached by the Board of Directors of Cargolux and Mr. Ulrich Ogiermann. It is related to Mr. Ogiermann’s indictment by a US court for alleged anti-trust violations. Mr. Ogiermann will now have more time to prepare his defense while Cargolux can continue to benefit from his knowledge and expertise. The preparation of Mr. Ogiermann’s legal defense will absorb time and energy and is not reconcilable with an effective day-to-day management of the Company under trading conditions that will be challenging.

“Frank Reimen has outstanding management and leadership qualities”, says Mr. Marc Hoffmann, Chairman of the Board. “He has years of experience and in-depth knowledge of the aviation sector in general and the air cargo industry in specific. As a director of the Cargolux Board, he has actively participated in decisions of high importance related to Cargolux, especially during the difficult business environment in 2009” adds Mr. Marc Hoffmann.

Frank Reimen will take office on 1 January 2011. Mr. David Arendt, Executive Vice President and CFO will be interim CEO.