In 2005, airBaltic will achieve a passenger growth of almost 70% and for the first time in company history we will have more than one million passengers per year. airBaltic has demonstrated its ability to stay competitive not only in a protected, but also in a competitive market.

We are also planning new destinations for summer 2006, in January we will open Stockholm from Vilnius 6 times a week. However, not all destinations in Europe can be served by direct flights from markets like Riga or Vilnius. The modern hub-carrier has a justification. To retain efficiency it is necessary to direct some traffic via hubs. SAS has introduced one-way fares via the hubs in Copenhagen and Stockholm, and from January 1, 2006 all Europe can be reached via Copenhagen with one-way tickets at very low price levels. These tickets can then be more easily combined with one-way tickets from one of our 27 European destinations. This is a remarkable step towards simplifying travel for you.

I hope you enjoy this flight and wish you an uneventful journey.

Bertolt Flick
President &CEO